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Broadcom makes an offer for Qualcomm
It is official, Broadcom has made an offer to acquire all of the outstanding shares of Qualcomm Incorporated for USD 70.00 per share.
According to the proposal, the USD 70.00 per share to be received by Qualcomm stockholders would consist of USD 60.00 in cash and USD 10.00 per share in Broadcom shares. The proposed transaction is valued at approximately USD 130 billion. And this offer will stand whether Qualcomm's pending acquisition of NXP goes through – that is on the current terms of USD 110 per NXP share – or not. "Broadcom's proposal is compelling for stockholders and stakeholders in both companies. Our proposal provides Qualcomm stockholders with a substantial and immediate premium in cash for their shares, as well as the opportunity to participate in the upside potential of the combined company," said Hock Tan, President and Chief Executive Officer of Broadcom in a press release. "This complementary transaction will position the combined company as a global communications leader with an impressive portfolio of technologies and products. We would not make this offer if we were not confident that our common global customers would embrace the proposed combination," Tan adds. The combination of the two companies would create a real powerhouse in communications. Qualcomm's cellular business is highly complementary to Broadcom's portfolio, and the two companies would make for one strong, global company with a deep portfolio of technologies and products. Broadcom's proposal was unanimously approved by its board of directors and the company is prepared to engage immediately in discussions with Qualcomm to work toward a mutually acceptable definitive agreement.
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