Qualcomm Raises Its Bid for NXP
Qualcomm today increased its offer to acquire NXP Semiconductors to $127.50 per share, or about $44 billion. The new offer reflects the increased value of each company, both of which have grown since the deal originated. Qualcomm first proposed to acquire NXP in October of 2016. The process of gaining shareholder approval and clearing regulatory hurdles has consumed more than a year. The new deal was approved by the boards of both Qualcomm and NXP. NXP is a co-inventor and key patent holder of NFC technology. Qualcomm already integrates NXP secure element technology into its Snapdragon chips. NXP is the fifth-largest semiconductor maker (excluding memory chips). NXP is also a leader in chips for automotive networks, IoT, and most types of wireless radios. Qualcomm believes this new offer will find support within the ranks of NXP's shareholders.
Oct 27, 2016
Qualcomm today announced a deal to acquire NXP Semiconductors for $47 billion. NXP is a co-inventor and key patent holder of NFC technology.
Feb 22, 2018
Broadcom revised its offer to acquire Qualcomm downward by $3 per share after Qualcomm increased its own bid to buy NXP Semiconductors. Broadcom said, "Qualcomm's board acted against the best interests of its stockholders by unilaterally transferring excessive value to NXP's activist stockholders." Broadcom would have preferred to see Qualcomm act together with Broadcom to broker the right deal for NXP while still allowing Broadcom to move forward with its own offer to buy Qualcomm.
Jul 25, 2018
Qualcomm today said it will drop its plans to purchase Netherlands-based NXP at the end of the day, which is when the acquisition agreement expires. Qualcomm first announced its intent to buy NXP, which makes semiconductors, in October 2016.
Feb 8, 2018
Qualcomm's board of directors today unanimously rejected Broadcom's revised bid to acquire the company for $121 billion. Qualcomm's board continues to insist that Broadcom is undervaluing Qualcomm's overall worth.