Broadcom 'evaluating its options' for Qualcomm takeover after revised NXP bid
Broadcom Ltd. (AVGO) said it was "evaluating its options" regarding its hostile takeover bid for Qualcomm Inc. (QCOM), after Qualcomm raised its own bid for NXP Semiconductors NV (NXPI) on Tuesday. "Broadcom believes the price increase demonstrates the Qualcomm board's disregard for its fiduciary duty to maximize value for Qualcomm stockholders," Broadcom said in a release. Qualcomm increased its bid for NXP to $127.50 a share, from $110 previously. "We believe any responsible board would have seriously engaged with Broadcom regarding Broadcom's value-maximizing offer and the terms of the NXP acquisition," Broadcom said in its statement. NXP shares are up 6% in premarket trading, to $125.62, while Qualcomm shares are down 3.5% and Broadcom shares are up 2.2%. The S&P 500 is down 0.4%, compared with a 1.4% gain for the Philadelphia Semiconductor Index .
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
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