Broadcom plans to raise Qualcomm bid
 

$120 billion offer

Broadcom plans to unveil a new approximately $120 billion offer for Qualcomm in an attempt to pressure the US rival to the negotiating table.

The move comes ahead of a Qualcomm shareholder meeting scheduled for March 6, when Broadcom is seeking to replace Qualcomm’s board of directors by nominating its own slate for election.

Broadcom is scheduled to meet with its advisers later on Sunday to finalise an offer that values Qualcomm between $80 and $82 per share, two of the sources said. Broadcom’s previous $70 per share offer consisted of $60 per share in cash and $10 per share in stock.

Broadcom plans to offer Qualcomm a higher-than-usual breakup fee in the event regulators thwart the deal, according to the sources. Typically, such break-up fees equate to approximately 3 percent to 4 percent of a deal’s size.

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