PhotoQualcomm on Tuesday increased its takeover bid for NXP Semiconductors, defying Broadcom’s demand that it not do so. The chip maker shaved $3 per share off its hostile takeover bid for Qualcomm, reducing it to $79 a share. In lowering its bid, Broadcom argued that Qualcomm’s higher NXP offer would transfer $4.10 a share, or $6.2 billion, in value to NXP shareholders. “Qualcomm’s board acted against the best interests of its stockholders by unilaterally transferring excessive value to NXP’s activist stockholders,” Broadcom said in its statement. Advertisement Continue reading the main storyBroadcom said its bid would automatically rise again to $82 if Qualcomm failed to complete its purchase of NXP.

Source: New York Times February 21, 2018 21:55 UTC