Deals
Qualcomm Falls Amid Concern Broadcom's Higher Bid Won't Work
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Qualcomm Inc.’s stock fell on a day when its would-be purchaser, Broadcom Ltd., offered shareholders a 17 percent higher price.
The new $82-a-share bid is within the range that investors told Bloomberg News they’d need to tender their holdings in what would be the largest ever technology acquisition. Yet the stock dropped 6.6 percent, to $61.73, on concern that the offer will still be spurned as too low by Qualcomm. Another hurdle is Broadcom’s insistence that Qualcomm not raise its bid for NXP Semiconductors NV, something Qualcomm is under pressure to do.