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Broadcom Lowers Qualcomm’s Offer in Response to Sweetened NXP Bid

  • Company says all other terms of proposed deal remain unchanged
  • Qualcomm fires back saying inadequate offer made worse
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Bloomberg’s Ian King discusses Qualcomm’s higher offer for NXP.(Source: Bloomberg)
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Broadcom Ltd. lowered its hostile bid for Qualcomm Inc. after the target forged ahead with its own acquisition, further complicating shareholders’ decision on which management team should operate the world’s biggest maker of mobile phone chips.

Broadcom said it’s now offering $79 in cash and stock per Qualcomm share, down from the “best and final” bid of $82 submitted earlier this month, in response to Qualcomm boosting its bid for NXP Semiconductors NV. Broadcom’s new bid reduces the cash part of the offer by $3 per share.