Published: Thu, November 09, 2017
Markets | By Noel Gibbs

Unsolicited bid: Broadcom eyes Qualcomm

Unsolicited bid: Broadcom eyes Qualcomm

The semiconductor giant Broadcom is set to enter a taxing campaign in its bid to buy Qualcomm.

Broadcom specializes in manufacturing chips utilized in a myriad of products including personal data keepers like computers and smartphones.

Qualcomm has acknowledged receipt of the "non-binding, unsolicited proposal" and will assess the offer. If approved, it would be the largest-ever tech acquisition, surpassing the $60 billion tie-up between Dell and EMC in 2016.

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The company has now made a decision to expand its shores and take over software maker Qualcomm.

Interestingly, Qualcomm itself is in deep waters at the moment. The argument might be that Qualcomm shares are now undervalued, due in part to the nasty legal battle with Apple.

According to Amit Daryanani of RBC Capital Markets, "Broadcom and Apple have a much more cohesive partnership, in contrast to the hostility and lawsuits you have between Qualcomm and Apple", and "So Broadcom may logically think, and we think it's fair, that they could resolve these regulatory litigation issues more easily than Qualcomm is doing right now". The ensuing legal battle has left Qualcomm in a bit of a lurch. Qualcomm has responded with a statement that its board of directors will consider the offer while weighing the best interests of its shareholders, although the Financial Times reported the company appears likely to reject the bid. Broadcom is now in the process of obtaining approval on its bid to buy Brocade.

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Broadcom indicated that it would maintain its offer, regardless of the outcome of Qualcomm's ongoing efforts to acquire NXP Semiconductors, a major player in global automotive semiconductors.

"This complementary transaction will position the combined company as a global communications leader with an impressive portfolio of technologies and products". Therefore, Broadcom would be acquiring two companies if its bid is successful and the NXPI acquisition is approved. The announcement has brought it into favor with many powerful people, including, the President of the United States.

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