Broadcom sweetens bid for Qualcomm to $82 a share

Broadcom has sweetened its bid for Qualcomm to $82 per share from $70 last November.

The offer price, a 50% premium to Qualcomm's closing price on 2 November which Broadcom said was its "best and final" offer, consists of $60 in cash and the remainder in Broadcom shares.

In addition, the chipmaker said it is prepared to pay a "ticking fee" providing for an increase in the cash consideration payable to Qualcomm shareholders if the transaction does not close by the one-year anniversary of entering into a definitive agreement.

Broadcom said on Monday that its offer was "vastly superior" to Qualcomm's standalone prospects, adding that it remains hopeful the company's board of directors "will act responsibly on behalf of Qualcomm stockholders and engage with Broadcom on this offer without further delay".

"Our proposal includes substantially more Broadcom stock, which will allow Qualcomm stockholders a greater opportunity to participate in the upside created by the combined company's strategic and operational advantages. Broadcom's track record demonstrates our ability to consistently accelerate share price appreciation following acquisitions and indicates a substantial likelihood that we will exceed our synergies expectations."