Broadcom shaves 4 percent off its ‘opportunistic’ offer for Qualcomm, after objecting to raised bid for NXP
Mobile chipmaker Broadcom has lowered its takeover offer for Qualcomm, after it objected to the San Diego, California-based firm raising its purchase offer for NXP Semiconductors.
Broadcom had made an unsolicited offer of $130 billion (£99bn) in November 2017 to acquire Qualcomm, but it has now lowered its takeover offer by 4 percent to $117bn (£84bn).
The reduced offer comes after Qualcomm raised its own bid for Dutch chip maker NXP Semiconductors NV to $44bn (£31.7bn).
Broadcom has objected to that move, and as a consequence lowered what some are calling its ‘opportunistic’ offer for Qualcomm down to $117bn.
Qualcomm has made no secret of its distaste of Broadcom’s unsolicited approach, and immediately hit back, saying that Broadcom had made “an inadequate offer even worse.”