Deals
Qualcomm's Sweetened Offer for NXP Prompts Broadcom Rebuke
- New bid of $127.50 a share secures support from key holders
- Broadcom criticized board’s ‘disregard for its fiduciary duty’
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Qualcomm Inc. raised its offer for NXP Semiconductors NV and cut a deal with investors who had been threatening to hold up the transaction -- prompting a sharp response from its own hostile suitor Broadcom Ltd.
Qualcomm’s sweetened offer of $127.50 a share -- 16 percent more than the previous price -- was enough to secure support from holders, including activist Elliott Management Corp., of about 28 percent of NXP’s stock. It removes the opposition of a crucial block of shareholders who have piled into the stock demanding a higher price.