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Broadcom is evaluating its options

Broadcom is looking at its cards following Qualcomm’s news yesterday where the company increased its offer for NXP to $127.50 per share.

“By raising its offer for NXP from $110 per NXP share to $127.50 per NXP share, Qualcomm's board of directors and management have transferred $4.10 per Qualcomm share from Qualcomm stockholders to NXP stockholders, representing approximately $6.2 billion of value. This revised price for NXP is well beyond what Qualcomm has repeatedly characterized as a "full and fair" price,” Broadcom said in a statement regarding Qualcomm’s decision. In light of the decision to transfer value from its own stockholders to NXP stockholders, Broadcom is evaluating its options. “We believe any responsible board would have seriously engaged with Broadcom regarding Broadcom's value-maximizing offer and the terms of the NXP acquisition, particularly in light of the recent recommendations from ISS and Glass Lewis. Broadcom believes the price increase demonstrates the Qualcomm board's disregard for its fiduciary duty to maximize value for Qualcomm stockholders,” the statement continues.

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March 15 2024 2:25 pm V22.4.5-2
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