Broadcom offers $103 billion for Qualcomm in chip megadeal
07 November, 2017, 01:35 | Author: Sheri Evans
Broadcom Chief Executive Hock Tan, who turned a small, chipmaker into a US$100-billion company based in Singapore and the United States, told Reuters he would not rule out a proxy fight to convince shareholders to replace the board and accept the offer.
A combined Broadcom-Qualcomm would become the dominant supplier of chips used in the 1.5 billion or so smartphones expected to be sold around the world this year.
On Monday, Broadcom made an unsolicited offer to pay $70 per share to buy its rival. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt, giving effect to Qualcomm'spending acquisition of NXP on its now disclosed terms.
Shares in Qualcomm rose on Friday after rumours of a potential offer.
"We would not make this offer if we were not confident that our common global customers would embrace the proposed combination, and we do not anticipate any material antitrust or other regulatory issues that would extend the normal timetable for closing a transaction of this nature".
"With greater scale and broader product diversification, the combined company will be positioned to deliver more advanced semiconductor solutions for our global customers and drive enhanced stockholder value".
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It is likely that Qualcomm will reject the bid, as it believes that its value is far below what the company is worth.
Qualcomm is more vulnerable to a takeover now because its shares have been held down by a patent dispute with Apple, as well as concerns it may have to raise its own $38 billion bid for NXP Semiconductors NV that it made past year. Broadcom already provides designs for Wi-Fi and Bluetooth chips, and by bringing in Qualcomm it will be able to encompass LTE and 5G capabilities.
Broadcom also could spin out Qualcomm's licensing arm, QTL, to get regulatory approval and funding for the deal, raising as much at US$25 billion from a sale, Nomura Instinet analyst Romit Shah suggested. The Broadcom proposal stands whether Qualcomm's pending acquisition of NXP Semiconductors N.V. ("NXP") is consummated on the now disclosed terms of $110 per NXP share or the transaction is terminated.
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