Deals
Qualcomm Bids $4.6 Billion for Veoneer in Battle With Magna
- Veoneer would give Qualcomm a lift in driver-assistance tech
- Magna is unlikely to try to top Qualcomm bid, analysts say
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Qualcomm Inc. offered to buy automotive technology company Veoneer Inc. for $4.6 billion, muscling in on Magna International Inc. after its bid for the supplier last month.
At $37 a share, Qualcomm is offering an 18% premium to Magna’s $31.25-a-share bid. Veoneer and Magna said last month their boards had unanimously approved what would have been a $3.8 billion deal. Qualcomm said in a statement Thursday that its all-cash offer wouldn’t require stockholder approval.