Deals
Broadcom Ready to Go Hostile for $105 Billion Qualcomm Deal
- Offer stands regardless of outcome for Qualcomm’s NXP bid
- Combination would make Broadcom the third-biggest chipmaker
Broadcom Ltd. Chief Executive Officer Hock Tan is gearing up for what could be a lengthy and bruising hostile takeover battle to clinch his $105 billion offer for Qualcomm Inc., the largest-ever tech deal.
Broadcom, seeking to build a powerhouse that leads the market for chips that let electronic devices operate wirelessly, is prepared to launch a proxy battle should Qualcomm spurn the $70-a-share proposal outlined Monday, a person with knowledge of the matter said. Qualcomm is assessing the cash-and-stock proposal, but it’s inclined to reject Broadcom’s terms. Broadcom would then forge ahead with a direct appeal to Qualcomm shareholders, said the person, who asked to remain anonymous discussing private matters.