Broadcom considering bid to acquire San Diego's Qualcomm
04 November, 2017, 00:54 | Author: Devin Moran
Shares of wireless chip technology giant Qualcomm (QCOM), at $81 billion in market cap, are up $3.86, or nearly 7%, at $58.70, and were up 9% at one point, following a headline from Bloomberg that even bigger giant Broadcom (AVGO) is "exploring a possible takeover" of Qualcomm.
Bloomberg News first reported the deal, saying an unsolicited bid could be for around $70 a share.
Bloomberg'sEd Hammond, Dinesh Nair and Ian King related that Broadcom is "speaking to advisers about the potential deal", citing multiple unnamed sources. No final decisions have been made and there's no guarantee a deal will go ahead.
Qualcomm's shares have been trading in the low $50s for much of this year - down about 15 percent because of its fierce legal battle with Apple and hefty fines/lawsuits from anti-monopoly regulators in the U.S., South Korea and Taiwan. Broadcom's stock rose 4% to $271.09 a share. Qualcomm has a market cap of around $92 billion as of writing while Broadcom is worth almost $113 billion.
Broadcom was created past year when Tan's Avago Technologies Ltd. bought Irvine-based chipmaker Broadcom Corp. for $37 billion and then adopted the Broadcom name for the combined company.
Broadcom, a major supplier of iPhone parts that counts Apple among its largest customers, said this week it will return its headquarters to the USA from Singapore.
Qualcomm finds itself in a weakened state. Even though Qualcomm's component is considered to be the best, Apple is trying to get back at the company for various patent and legal issues. The deal is facing regulatory scrutiny in Europe and opposition from some shareholders including activist hedge fund firm Elliott Management Corp., which has argued the offer undervalues NXP. Broadcom is also a major supplier to numerous same companies for Wi-Fi chips. The two companies are already among the top ten providers of chips ranked by revenue in an industry that's consolidating rapidly.
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