NEWSBYTE: US fabless chipmaker Qualcomm says it would drop its objections to being acquired by bitter rival Broadcom, if the Singapore-based company increases its takeover bid. Qualcomm has been fending off Broadcom’s attentions on antitrust grounds.
According to the FT, Qualcomm is insisting that Broadcom raises its offer by 15 percent to $90 a share, valuing the company at $160 billion – including $25 billion in debt. Broadcom’s current offer of $117 billion already makes it the largest (potential) tech acquisition in history, after a starting bid of £$103 billion in November.
However, Reuters reports that Broadcom has publicly dismissed the move as “engagement theatre”, designed to wriggle out of the aggressive acquisition.
“Broadcom does not believe that the process outlined by Qualcomm today is designed to lead to a prompt agreement,” Broadcom said in a statement. Qualcomm responded by saying that “the ball is in Broadcom’s court”.
Internet of Business says
Last chance or last dance? The latest moves in the Qualcomm/Broadcom tango have a 13-year history of bitter feuding and litigation behind them. But it always felt like a courtship and a fiery romance. So will they finally embrace? Our bet is on £135 billion.