Broadcom makes another Qualcomm offer

Broadcom this morning (February 5) boosted its bid for San Diego-based Qualcomm to almost $124 billion, including debt assumption, up from its initial $103 billion bid, which Qualcomm’s board rejected. Broadcom has headquarters in San Jose and Singapore.

As in the previous offer, the cash bid remains at $60 per share; but this second bid includes $22 per share in Broadcom stock, up from $10. Broadcom says this is the final offer. Qualcomm said its board is studying it.

If consummated, the deal would be the largest tech acquisition, but the earlier offer would have been, too, according to Dealogic. Qualcomm said the first offer “dramatically undervalues Qualcomm” and came with regulatory uncertainty. The new bid would not appear to reduce the alleged uncertainty.