Broadcom Exploring Takeover Bid Of Qualcomm

Broadcom Exploring Takeover Bid Of Qualcomm

Broadcom Ltd.is considering a bid of more than $100 billion for Qualcomm Inc., according to people familiar with the matter, in what would be the biggest-ever takeover of a chipmaker.

According to the Bloomberg report, Broadcom is in talk with financial advisers.

Broadcom is preparing a $70-a-share offer for Qualcomm, which could come as soon as Monday, said the people, who asked not to be identified because the plans are private. At present time, no final decisions have been made.

Qualcomm rose $6.97, or 12.7 percent, to $61.81 a share, giving it a current market value of $91.3 billion. Broadcom rose 5.45 percent to $273.63.

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Broadcom has been working on its proposal for months and is believed to have approached Qualcomm privately about its offer, but was quickly rebuffed.

Broadcom was created a year ago when Tan's Avago Technologies bought Irvine, Calif. -based chipmaker Broadcom for $37 billion and then adopted the Broadcom name for the combined company.

Broadcom, a major supplier of iPhone parts that counts Apple among its largest customers, said this week it will return its headquarters to the United States from Singapore.

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