Qualcomm expected to keep their extra m and say no to Broadcom

07 November 2017, 12:15 | Myrtle Hill

A sign is posted at a Qualcomm office on November 1 in San Jose California. – AFP

A sign is posted at a Qualcomm office on November 1 in San Jose California. – AFP

According to CNBC, Broadcom brought the offer to Qualcomm privately more than a year ago but was rebuffed.

Broadcom today (6 November) revealed a $105bn takeover bid for Qualcomm, a move that would see the creation of a giant in the chip-making world.

Citing sources, Bloomberg claimed that the Qualcomm board is likely to advise shareholders to reject the deal, while also claiming that any potential deal could run into regulatory problems.

Broadcom said on Monday that it is offering Qualcomm $60 in cash per share and $10 per share in Broadcom stock, valuing the deal at about $130 billion.

"The combined company will be positioned to deliver more advanced semiconductor solutions for our global customers and drive enhanced stockholder value", he added.

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One aspect that might be an issue is Qualcomm's efforts to close its $38-billion acquisition of NXP Semiconductors NV, which makes chips for vehicles with an eye to self-driving technology.

Broadcom is looking to complete its $5.5 billion purchase of Brocade Communications Systems Inc (BRCD.O) while Qualcomm is in the process of closing its deal for NXP.

The Financial Times is reporting that Broadcom is planning to acquire NXP, as well as Qualcomm. The forward price-to-earnings ratio for Broadcom recently stood at 14.6, slightly above its 13.5 average. The bid follows a series of deals in the components market. Publicly, Qualcomm has only said it is "evaluating" the deal.

Broadcom said if the deal is approved, it expected a combined company to have revenues of about $51 billion. Moreover, it would create a company with "massive market share" in the kind of chips that power Wi-Fi, location data and Bluetooth, necessary for the next generation of connected devices, said Stuart Carlaw, chief research officer at ABI Research.



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