Qualcomm stock jumps on reported Broadcom interest

Albert Gea  Reuters

Bloomberg broke the news Friday morning, saying people familiar with the matter are talking to advisers about bidding $70 a share, for a total of more than $100 billion, for Qualcomm.

As for Broadcom, its CEO Hock Tan has a huge appetite when it comes to acquisitions and states that he is interested in more deals, which could be halted thanks to the intervention of US regulators since Qualcomm is a USA -based technology company.

According to that report, the potential bid appears to be in the early stages, with no final decision made yet, but is likely to be made in coming days. The news outlet also noted that the stock of Qualcomm went up 14 percent following the news, which is the largest stock movement for the company in almost a decade.

Avago paid $37 billion in cash and stock for Broadcom.

That gave Qualcomm a current total market value of $91 billion.

Читайте также: Blizzard announce World of Warcraft Classic at BlizzCon 2017

At issue between Qualcomm and Apple are licensing fees the chipmaker charges for patents that cover the basics of how mobile phone systems work. Broadcom announced yesterday its intention to move corporate headquarters back to the U.S.to take advantage of the lower tax rates expected.

Its competitor Qualcomm finds itself in a weakened state. Regulators are still reviewing Qualcomm's $38.1 billion proposed acquisition of NXP Semiconductors for $38.1 billion.

Both Broadcom and Qualcomm have pending deals that could be affected by a merger.

Before today, its shares had slumped 16 percent this year, compared with a 41 percent surge in the Philadelphia Semiconductor Index - in part due to an escalating legal battle with Apple that's costing revenue and jeopardizing the business model that for years made Qualcomm one of the most successful chipmakers in the world. It has faced regulatory scrutiny in Europe, and some shareholders such as activist hedge fund Elliott Management Corp. have said the deal undervalues NXP, a large maker of automotive and other chips.

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