Broadcom lowers offer for Qualcomm as takeover saga continues

Singapore-based Broadcom said Wednesday it was cutting its offer price for mobile chip maker Qualcomm in the wake of the US firm's increased bid for Dutch rival NXP.

Broadcom reduced its offer to $79 a share, which would still be the largest-ever deal in the tech sector if completed at an estimated value of nearly $117 billion.

The move came amid a closely watched hostile bid for Qualcomm which could reshape the fast-evolving sector of chips for smartphones and connected devices.

A Broadcom statement said the offer was reduced because "Qualcomm's board acted against the best interests of its stockholders by unilaterally transferring excessive value to NXP's activist stockholders."

Qualcomm, the dominant maker of smartphone chips, has moved to fend off Broadcom's hostile takeover efforts and last week rejected the latest offer of $82 a share as too low.


Source : Yahoo News