Deals
Broadcom CEO Says Qualcomm Doesn't Know World Has Changed: Q&A
- Company raised its bid for biggest phone-chip maker by 17%
- Hock Tan says Qualcomm’s business model needs to be ‘reset’
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Broadcom Ltd. raised its bid for Qualcomm Inc. to about $121 billion, seeking to force the rival chipmaker to the negotiating table after Qualcomm rejected an earlier offer as too low.
The new price of $82 per share represents a 50 percent premium over where Qualcomm was trading on Nov. 2, before news of the approach broke, Broadcom said. This bid will be Broadcom’s “best and final” offer, according to a statement Monday. The deal would take the form of $60 in cash and the remainder in Broadcom shares. Qualcomm said it would review the new proposal before responding.