Broadcom proposes record-breaking $130 billion bid for rival Qualcomm
Chipmaker Broadcom has made an unsolicited bid to buy its rival Qualcomm for $130 billion. If the deal is accepted it will be the biggest ever takeover in the technology sector, and mark the high-point of a run of billion-dollar consolidation deals in the chip-making industry.
Broadcom is offering $70 per share for Qualcomm, a 28 percent premium over the closing price of its common stock on November 2nd. Hock Tan, the president and CEO of Broadcom, says the deal is “compelling for stockholders and stakeholders in both companies,” with the combined company able to operate at a larger scale across more product ranges. “We would not make this offer if we were not confident that our common global customers would embrace the proposed…
