Qualcomm poised for fight with Broadcom

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First reported by Bloomberg, Broadcom is said to be readying an assault on publicly listed Qualcomm and planning to offer shareholders $70 a share.

Qualcomm and Broadcom have patent portfolios in wireless communications that are largely adjacent to each other, and antitrust concerns over any proposed deal could be muted because the companies have few areas of overlap beyond Wi-Fi solutions for wireless routers, Bluetooth drivers and some RF semiconductors.

Broadcom is up 2.31% to $279.95 and Qualcomm is up 4.57% to $64.63.

Qualcomm is preparing to fend off the unsolicited offer, arguing it undervalues the company, people familiar with the plans have said.

"Chipmaker Broadcom officially unveiled a $130bn offer, including net debt, for Qualcomm on Monday, in what could be the largest tech deal in history".

According to a statement released by the company, Broadcom hopes to increase its share of the advanced semiconductor market and is confident that its proposal will "receive all necessary [regulatory] approvals in a timely manner". CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States.

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And a premium of 33 per cent on Qualcomm's "unaffected 30-day volume-weighted average price".

That will help it avoid a cumbersome federal review process for a $5.5 billion deal for US network provider Brocade Communications Systems.

Broadcom is working with five financing banks to offer a significant cash component for its bid, according to one of the sources.

It is said that if Broadcom merges with Qualcomm, combination of Broadcom with Qualcomm will make Broadcom third largest Chip makers in the world.

Broadcom said if the deal is approved, it expected a combined company to have revenues of about $51 billion.

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