Broadcom offers to acquire Qualcomm for $70 per share
07 November, 2017, 01:39 | Author: Manuel Hopkins
Chip maker Broadcom Ltd made an unsolicited US$103 billion (RM436 billion) bid for Qualcomm Inc yesterday, setting the stage for a takeover battle that could reshape the industry at the heart of mobile phone hardware.
It's not a done deal, however.
Japanese telecoms firm SoftBank has already agreed a deal to buy British semiconductor firm Arm, while Intel bought Altera, and Qualcomm has agreed a deal for NXP.
However, according to the FT, Qualcomm is set to reject the deal, raising the prospect of a fight for the future of the company.
But President Donald Trump appeared with Broadcom's chief Mr Tan last week, saying the company will relocate its legal base to the United States - a move which is expected to free Brocade's bid from the CFI review. It has pulled off a string of purchases over a decade. Including debt, Broadcom's bid values the transaction at $130 billion. The combined Broadcom and Qualcomm, including NXP, will have pro forma fiscal 2017 revenues of approximately $51 billion and pro forma 2017 EBITDA of approximately $23 billion, including synergies.
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Broadcom shares gained about 1.2 percent hike early Monday morning.
A year ago, the company entered a $5.5 billion agreement to merge with USA network provider Brocade Communications Systems, but that has been delayed while it's scrutinized by the Committee on Foreign Investment in the United States. Qualcomm had US$35.03 billion in cash as of Sept 24.
The company has also got commitment letter for $5 billion debt financing from private equity Silver Lake Partners.
Its entire 10-member board is up for re-election this spring, and Broadcom could seize on the December nomination deadline to put forward its own slate that would then help make negotiations. Jeffrey Henderson, another Qualcomm board director, was added previous year as a compromise candidate.
Broadcom plans to move its headquarters exclusively to the United States, which would allow it to avoid review by the Committee on Foreign Investment in the United States, which reviews foreign ownership of USA assets.
Anthony Hospital, where he later died. "We do not believe we have any public at risk at this point", Chief O'Shea said. About two blocks of where the initial stop was made a deceased person was found inside of a wrecked vehicle.
The Wildcats (6-2, 4-1 Pac-12) only had the ball for 21 minutes but still lit up the scoreboard in a 58-37 rout. Other than a 52-yard TD run in the first half, he was shut down by the Cougars' swarming defense.
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Keitany, who finished second with a time of 2:27:54, hugged Flanagan, who had the American flag already draped over her shoulders. An emotional Flanagan after her NYC Marathon win, the first by an American woman in 40 years.
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Salah stayed rather too high up the pitch, with he and Firmino playing into the hands of West Ham's three-man defence. After the match he admitted that he "has to talk to the chairman" and it remains "a very hard situation for me".
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Qualcomm shares spike on reports of planned Broadcom bid
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