The bid for Qualcomm is an ambitious move by Broadcom Chief Executive Hock Tan, who turned a small, scrappy chipmaker into a $100-billion company based in Singapore and the United States.
Perhaps the most important new news on the bid is that Qualcomm is expected to reject this deal as it undervalues the company. Under Broadcom's proposal, Qualcomm shareholders would receive $70 per share - $60 in cash and $10 in shares of its rival.
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Broadcom has announced a proposal to buy Qualcomm for $70 an outstanding share which amounts to over $103 billion. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt, giving effect to Qualcomm's pending acquisition of NXP on its now disclosed terms.
Yes, Broadcom made this landmark bid to acquire one of it's top most rivalries i.e. Qualcomm Inc.
Any deal struck between the two companies would face intense regulatory scrutiny.
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"We would not make this offer if we were not confident that our common global customers would embrace the proposed combination", Tan said in a statement. Broadcom already provides designs for Wi-Fi and Bluetooth chips, and by bringing in Qualcomm it will be able to encompass LTE and 5G capabilities.
Qualcomm is now trying to close its pending $38-billion acquisition of NXP Semiconductors, a leading supplier of chips for vehicles that is also expanding into self-driving technology, and it is believed that Broadcom is open to acquiring NXP.
A year ago, the company entered a $5.5 billion agreement to merge with USA network provider Brocade Communications Systems, but that has been delayed while it's scrutinized by the Committee on Foreign Investment in the United States.
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It is said that if Broadcom merges with Qualcomm, combination of Broadcom with Qualcomm will make Broadcom third largest Chip makers in the world.