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Broadcom has adjusted its takeover offer for Qualcomm to $79 per share, down from the its “best and final” bid of $82. The move is a response to Qualcomm's announcement yesterday it would pay $127.50 a share for NXP, up from the $110 it had offered.
° Why it's the BFD: Broadcom and Qualcomm's takeover dance has taken a dramatic turn for what should have been a boring transaction between two chip companies.
° Bottom line: "Broadcom has long said its acquisition of the San Diego-based chipmaker is contingent on Qualcomm buying NXP at the previously agreed price, saving a large amount of cash Broadcom could hypothetically use for its own purposes once the acquisition goes through... Qualcomm raised its NXP bid to secure support from activist investors who have piled into NXP and demanded a higher sale price." —
Bloomberg.
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