[Global Network Technology Report] According to foreign media reported on November 6, the semiconductor giant Broadcom announced on the morning of November 6 an unsolicited takeover offer, plans to cash in stocks, according to $ 70 per share The price of 103 billion US dollars to buy mobile communications and chip giant Qualcomm, including at least 75% of cash, but also Broadcom is willing to let Qualcomm completed its acquisition of NXP Semiconductors over more than 38 billion US dollars in cash.
Broadcom
Qualcomm’s stocks traded on the Nasdaq rose more than 12% on November 3. Some speculated that Broadcom is preparing to bid, closing at $61.81.
Broadcom has been working on this acquisition proposal for several months, and it is believed that it had already made an offer to Qualcomm in private, but was soon rebuffed. This time, Broadcom was determined to attract the attention of Qualcomm shareholders.
People familiar with Broadcom’s practices stated that in order to support its acquisition proposal, Broadcom will not evade the initiation of a proxy fight to gain Qualcomm’s seat on the board. At present, Qualcomm's annual meeting is scheduled to be held in March 2018 and directors will be nominated at some time in December.
However, Qualcomm is expected to strongly boycott Broadcom’s proposal, and Qualcomm’s insiders expect the offer of $70 per share to be much lower than the expected purchase price. In addition, Qualcomm is expected to worry that any merger with Broadcom will cause serious antitrust issues.
Although Broadcom is expected to express its willingness to allow Qualcomm to complete the acquisition of NXP Semiconductors, it is not expected to support Qualcomm's current $110 cash transaction to acquire the company. Qualcomm is facing pressure from NXP shareholders to bid for higher bids, or it will face the lowest threshold that may not be able to meet Dutch law to control the company.
Qualcomm and Broadcom did not confirm the above news. (Internship Compilation: Jiao Jinrui Reviewer: Li Zongze)
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