Broadcom Lowers Offer for Qualcomm, Qualcomm Says No Way
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. Qualcomm wasn't impressed with Broadcom's revised offer. "Broadcom’s reduced proposal has made an inadequate offer even worse despite the clear increase in value to Qualcomm stockholders from providing certainty around the NXP acquisition," said the company in a statement. "Broadcom has refused and continues to refuse to engage with Qualcomm on price." Broadcom says it is still committed to buying Qualcomm, but Qualcomm feels Broadcom's current plan doesn't properly value Qualcomm and, most importantly, has little chance of success.
Feb 20, 2018
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.
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 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.
Feb 16, 2018
Qualcomm today said Broadcom's acquisition offer simply isn't good enough as currently proposed. The companies met earlier this week to go over some of the finer points of Broadcom's $121 billion bid to purchase Qualcomm, and Qualcomm still came away leery that the deal won't work out.
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.