70 bucks per share offering from AVGO to QCOM# Stock
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Broadcom is preparing to make an offer to Qualcomm as early as Monday, for
up to $70 per share
Broadcom is preparing a bid for Qualcomm for as much as $70 per share,
sources tell CNBC.
The offer will be comprised of at least 75 percent in cash.
Sources say that Qualcomm is resistant to the bid, which it feels
undervalues the company.
David Faber | @DavidFaber
Published 1 Hour Ago Updated 26 Mins Ago
CNBC.com
US President Donald Trump jokes with Broadcom CEO Hock Tan as he announces
that Broadcom would be moving back to the US in the Oval Office at the White
House in Washington, DC, on November 2, 2017
NICHOLAS KAMM/AFP/Getty Images
US President Donald Trump jokes with Broadcom CEO Hock Tan as he announces
that Broadcom would be moving back to the US in the Oval Office at the White
House in Washington, DC, on November 2, 2017
Broadcom is preparing to unveil an unsolicited offer to buy Qualcomm for as
much as $70 a share in cash and stock tomorrow morning, in a bold bid to
become a dominant supplier of communications chips to the wireless industry,
people close to the situation told CNBC on Sunday.
The $70 a share bid, equal to more than $103 billion, will be comprised of
at least 75 percent in cash, and will also include Broadcom's willingness to
have Qualcomm complete its pending acquisition of NXP Semiconductors for
more than $38 billion in cash.
Qualcomm's stock, traded on the Nasdaq, surged by more than 12 percent on
Friday amid speculation that Broadcom was preparing a bid. It finished the
session at $61.81.
Broadcom's advisers were huddled in the mid-town Manhattan offices of its
law firm Wachtel Lipton late Sunday afternoon deciding on final steps for
the roll-out of its offer.
Broadcom has been working on its proposal for months and is believed to have
approached Qualcomm privately about its offer, but was quickly rebuffed.
The company had originally considered an attempt to buy Qualcomm prior to
that company's deal to buy NXP more than one year ago, but upon getting no
traction at that time, retreated.
Qualcomm Inc. CEO Steve Mollenkopf.
Getty Images
Qualcomm Inc. CEO Steve Mollenkopf.
This time, Broadcom is determined to bring its offer to the attention of
Qualcomm shareholders. People familiar with the company's thinking indicate
Broadcom will not shy away from initiating a proxy fight to gain seats on
Qualcomm's board of directors in support of its offer.
Qualcomm's annual meeting is currently scheduled for March of next year with
the deadline for nominating directors some time in December.
Qualcomm, however, is expected to strongly resist Broadcom's proposal.
People close to the company expect it to indicate the offer price of $70 is
far below what it would expect in a takeover. In addition, Qualcomm is
expected to raise concerns that any combination with Broadcom would raise
significant antitrust concerns.
While Broadcom is expected to indicate its willingness to let Qualcomm
complete its deal to acquire NXPI, it is also expected to encourage the
company not to raise its current $110 cash deal to acquire the company.
Qualcomm is under pressure from NXP shareholders to raise its bid for that
chip company, or face the likely prospect it will not be able to meet the
minimum threshold needed to take control of the company under Dutch law.
Officials at Qualcomm and Broadcom declined comment.
up to $70 per share
Broadcom is preparing a bid for Qualcomm for as much as $70 per share,
sources tell CNBC.
The offer will be comprised of at least 75 percent in cash.
Sources say that Qualcomm is resistant to the bid, which it feels
undervalues the company.
David Faber | @DavidFaber
Published 1 Hour Ago Updated 26 Mins Ago
CNBC.com
US President Donald Trump jokes with Broadcom CEO Hock Tan as he announces
that Broadcom would be moving back to the US in the Oval Office at the White
House in Washington, DC, on November 2, 2017
NICHOLAS KAMM/AFP/Getty Images
US President Donald Trump jokes with Broadcom CEO Hock Tan as he announces
that Broadcom would be moving back to the US in the Oval Office at the White
House in Washington, DC, on November 2, 2017
Broadcom is preparing to unveil an unsolicited offer to buy Qualcomm for as
much as $70 a share in cash and stock tomorrow morning, in a bold bid to
become a dominant supplier of communications chips to the wireless industry,
people close to the situation told CNBC on Sunday.
The $70 a share bid, equal to more than $103 billion, will be comprised of
at least 75 percent in cash, and will also include Broadcom's willingness to
have Qualcomm complete its pending acquisition of NXP Semiconductors for
more than $38 billion in cash.
Qualcomm's stock, traded on the Nasdaq, surged by more than 12 percent on
Friday amid speculation that Broadcom was preparing a bid. It finished the
session at $61.81.
Broadcom's advisers were huddled in the mid-town Manhattan offices of its
law firm Wachtel Lipton late Sunday afternoon deciding on final steps for
the roll-out of its offer.
Broadcom has been working on its proposal for months and is believed to have
approached Qualcomm privately about its offer, but was quickly rebuffed.
The company had originally considered an attempt to buy Qualcomm prior to
that company's deal to buy NXP more than one year ago, but upon getting no
traction at that time, retreated.
Qualcomm Inc. CEO Steve Mollenkopf.
Getty Images
Qualcomm Inc. CEO Steve Mollenkopf.
This time, Broadcom is determined to bring its offer to the attention of
Qualcomm shareholders. People familiar with the company's thinking indicate
Broadcom will not shy away from initiating a proxy fight to gain seats on
Qualcomm's board of directors in support of its offer.
Qualcomm's annual meeting is currently scheduled for March of next year with
the deadline for nominating directors some time in December.
Qualcomm, however, is expected to strongly resist Broadcom's proposal.
People close to the company expect it to indicate the offer price of $70 is
far below what it would expect in a takeover. In addition, Qualcomm is
expected to raise concerns that any combination with Broadcom would raise
significant antitrust concerns.
While Broadcom is expected to indicate its willingness to let Qualcomm
complete its deal to acquire NXPI, it is also expected to encourage the
company not to raise its current $110 cash deal to acquire the company.
Qualcomm is under pressure from NXP shareholders to raise its bid for that
chip company, or face the likely prospect it will not be able to meet the
minimum threshold needed to take control of the company under Dutch law.
Officials at Qualcomm and Broadcom declined comment.
