Following rumors over the weekend, chipmaker Broadcom has today confirmed it has approached wireless chipmaker Qualcomm with an acquisition offer that values the company at $130BN (including $25BN of net debt).
First reported by Bloomberg, Broadcom is said to be readying an assault on publicly listed Qualcomm and planning to offer shareholders $70 a share.
To acquire Qualcomm, the world's largest maker of mobile-phone chips, Broadcom would pay a 28 percent premium over the stock's closing price on November 2, before Bloomberg first reported talks of a deal.
Qualcomm is already preparing to fend off the unsolicited bid, arguing that it undervalues the company, according to people familiar with the matter.
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Qualcomm has a (long) pending acquisition, of chipmaker NXP Semiconductors NV, in the works - and Broadcom notes that its offer is not dependent on whether or not Qualcomm manages to close with NXP on the now disclosed terms (it's offering ~$39BN for the Netherlands-based chipmaker which has a focus on car-related applications and also security-based identification).
According to sources Qualcomm is not aware of the details of Broadcom's bid and the company has yet to make any comment. Broadcom, seeking to build a powerhouse in smartphone technology, has said it won't give up on this deal easily.
We would not make this offer if we were not confident that our common global customers would embrace the proposed combination.
Many analysts are saying Broadcom is making the play while Qualcomm's business is weaker than usual, as it continues its legal battle with Apple and saw its shares tumble as the company threatens to remove its chips from its smartphones.
President Donald Trump appeared with Broadcom Corp.