Broadcom to raise Qualcomm bid in push for talks

(Feb 5): Broadcom plans to unveil a new approximately US$120 billion ($158.3 billion) offer for Qualcomm on Monday, aiming to ratchet up pressure on its US semiconductor peer to engage in negotiations, people familiar with the matter said on Sunday.

The move comes ahead of a Qualcomm shareholder meeting scheduled for March 6, when Broadcom is seeking to replace Qualcomm’s board of directors by nominating its own slate for election.

Broadcom is scheduled to meet with its advisers later on Sunday to finalise an offer that values Qualcomm between US$80 and US$82 per share, two of the sources said. Broadcom’s previous US$70 per share offer consisted of US$60 per share in cash and US$10 per share in stock.

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