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Broadcom believed to be eyeing deal for chip maker Qualcomm

04 November, 2017, 00:53 | Author: Kristen Ingram
  • People crowd into the Qualcomm booth to view a series of new products during the annual Consumer Electronics Show

Bloomberg News first reported the deal, saying an unsolicited bid could be for around $70 a share.

According to a report in the WSJ, Qualcomm, now embroiled in a number of lawsuits with Apple, is apparently about to receive an unsolicited takeover bid from semiconductor designer Broadcom. A final decision on whether to proceed has not been made, they said. That would give Qualcomm a market value of $103.2 billion. Broadcom's stock also rose on the report, adding $14.13 or 5.45% to $273.63.

Broadcom, which has a market value of $110 billion, just announced on Thursday that it's moving its headquarters to the U.S. from Singapore. This week, Broadcom said it would move its headquarters from Singapore back to the USA, where it lists an HQ in San Jose, California.

It is also possible that Broadcom wishes to purchase Qualcomm so that the legal battle with Apple draws to a close and because the chipset manufacturer could eventually become an industry arm of Apple's supplier. Broadcom, created in 2016 when Avago Technologies Ltd. acquired Broadcom Corp. for $37 billion, has built itself from a former Hewlett Packard division into one of the largest chipmakers via a string of purchases. Apple, in suing Qualcomm, thinks the company is nonetheless overcharging for use industry standard patents, which the law requires be licensed out on fair, reasonable, and non-discriminatory (or "FRAND") terms. Reports surfaced this week that Apple was considering eschewing Qualcomm chips entirely in its iPhones and iPads beginning next year in what would a major blow for the San Diego-based chipmaker. The deal is facing regulatory scrutiny in Europe and opposition from some shareholders including activist hedge fund firm Elliott Management Corp., which has argued the offer undervalues NXP.

The two companies are already involved in big deals from about a year ago.

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