Broadcom's CEO, Hock Tan, recently expressed his hope that Qualcomm's board of directors will act in the best interest of shareholders and initiate discussions with Broadcom regarding a potential acquisition as soon as possible. This comes after Broadcom increased its bid for Qualcomm from $70 to $82 per share, with $60 paid in cash and the remaining $22 in stock. The company emphasized that this is its "best" and "final" offer, reflecting Qualcomm’s true value.
Broadcom also stated that if a final acquisition agreement is reached, it expects the transaction to be completed within 12 months. However, if the deal isn't finalized within that timeframe, Broadcom will pay Qualcomm a fee. In the event of rejection by antitrust regulators, a substantial break-up fee would also be paid. Analysts believe this move is intended to reassure Qualcomm shareholders and signal Broadcom’s strong commitment to the deal.
In a statement, Hock Tan said, “Our offer includes a significant portion of Broadcom stock, giving Qualcomm shareholders an opportunity to benefit from the combined strengths of both companies.†He added, “This offer is more appealing than any other alternatives currently available to Qualcomm. For the sake of shareholder value, we continue to urge Qualcomm to engage in dialogue with us.â€
Hock Tan also mentioned that unless a final acquisition agreement is signed or Broadcom’s nominated 11 directors are elected at Qualcomm’s annual meeting on March 6, the company will withdraw its offer and halt the acquisition process immediately.
Regarding antitrust concerns, Hock Tan noted in an interview that Broadcom has been in contact with regulatory authorities and believes the issue is not insurmountable. Sources familiar with the situation suggest that Broadcom’s revised offer aims to secure the deal in a more amicable manner. In response, Qualcomm has announced it will work with its financial and legal advisors to assess the new offer and determine whether it aligns with the best interests of the company and its shareholders. (Li Ming)
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