Broadcom Retaliates Against Qualcomm for Raising Its NXP Bid
- 6 years ago
Broadcom Retaliates Against Qualcomm for Raising Its NXP Bid
Qualcomm said investors controlling roughly 28 percent of NXP’s shares, including Elliott Management, the activist hedge fund
that had opposed Qualcomm’s initial offer as being too low, agreed to tender their shares
In lowering its bid, Broadcom argued that Qualcomm’s higher NXP offer would transfer $4.10 a share, or $6.2 billion, in value to NXP shareholders.
“Qualcomm’s board acted against the best interests of its stockholders by unilaterally transferring
excessive value to NXP’s activist stockholders,” Broadcom said in its statement.
Qualcomm increased its offer price for NXP to $127.50 a share from $110 to shore up support for the deal among NXP’s shareholders.
The chip maker shaved $3 per share off its hostile takeover bid for Qualcomm, reducing it to $79 a share.
Qualcomm said investors controlling roughly 28 percent of NXP’s shares, including Elliott Management, the activist hedge fund
that had opposed Qualcomm’s initial offer as being too low, agreed to tender their shares
In lowering its bid, Broadcom argued that Qualcomm’s higher NXP offer would transfer $4.10 a share, or $6.2 billion, in value to NXP shareholders.
“Qualcomm’s board acted against the best interests of its stockholders by unilaterally transferring
excessive value to NXP’s activist stockholders,” Broadcom said in its statement.
Qualcomm increased its offer price for NXP to $127.50 a share from $110 to shore up support for the deal among NXP’s shareholders.
The chip maker shaved $3 per share off its hostile takeover bid for Qualcomm, reducing it to $79 a share.