Broadcom offers $103 billion for Qualcomm, sets up takeover battle

07 November, 2017, 01:37 | Author: Martin Tyler

The combined Broadcom and Qualcomm, including NXP, will have pro forma fiscal 2017 revenues of approximately $51 billion and pro forma 2017 EBITDA of approximately $23 billion, including synergies.

Shares of Qualcomm rose about 1 percent in early trading.

Qualcomm said its board of directors is now reviewing the offer.

Qualcomm is more vulnerable to a takeover now because its shares have been held down by a patent dispute with Apple, as well as concerns it may have to raise its own $38 billion bid for NXP Semiconductors NV that it made a year ago.

The resulting tech company would control key components needed to make smartphones and is likely to face scrutiny from regulators.

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"We are well advised and know what our options are, and we have not eliminated any of those options", said Tan, who has pulled off a string of deals over the past decade.

Herbert Hovenkamp, who teaches antitrust at the University of Pennsylvania Law School, said that USA regulators would try to ensure the deal would not lead to higher chip prices.

Japanese telecoms firm SoftBank has already agreed a deal to buy British semiconductor firm Arm, while Intel bought Altera, and Qualcomm has agreed a deal for NXP.

Broadcom had $5.25 billion in cash and cash equivalent as of July 30.

Its entire 10-member board is up for re-election this spring, and Broadcom could seize on the December nomination deadline to put forward its own slate that would then help make negotiations.

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Industry analysts believe that if Apple does not challenge the deal, it's one hurdle that Broadcom will have cleared.

Broadcom's offer represents a premium of 27.6 percent to Qualcomm's closing price of $54.84 on Thursday, a day before media reports of a potential deal pushed up the company's shares.

Tan also has a history of cutting costs at acquired companies, and Charter Equity analyst Ed Snyder predicted Tan would cut away waste at Qualcomm.

Tan visited President Trump at the White House last week to announce that Broadcom would be moving its headquarters from Singapore to Delaware.

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