Qualcomm in new move against Broadcom bid
US semiconductor company Qualcomm Inc has announced it will raise its bid to acquire Dutch automotive chip maker NXP Semiconductors NV to $44 billion, which analysts see as a key step for the heavyweight to shore up support for the deal and fend off the hostile $121 billion bid from its rival Broadcom Ltd.
Under the new deal, Qualcomm will pay $127.50 for each NXP share, which will be 16 percent higher than the originally proposed price, and the minimum tender condition has been lowered from 80 percent of NXP's outstanding shares to 70 percent.
Xiang Ligang, a telecom veteran and CEO of industry website Cctime, said the new terms including the lowered threshold will make it easier for Qualcomm to complete the deal as the revised bid is likely to win over investors including Elliott Management, which had opposed Qualcomm's initial offer as too low.
