The news, reported by Bloomberg today, would value Qualcomm shares at around $70, and investors immediately responded enthusiastically by sending Qualcomm stock up almost 14 percent in what Bloomberg says is the largest stock movement for the company in almost a decade.
According to a report in the WSJ, Qualcomm, now embroiled in a number of lawsuits with Apple, is apparently about to receive an unsolicited takeover bid from semiconductor designer Broadcom. Nothing has been hammered out yet and there's no guarantee that a deal will materialize. Qualcomm's shares shot up almost 13 percent in midday trading today after the report, for a valuation of about $92 billion.
Shares of Broadcom closed up 5.5% Friday after the report, while Qualcomm's stock surged 12.7%.
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That gave Qualcomm a current total market value of $91 billion.
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Qualcomm declined to comment. Broadcom, created in 2016 when Avago Technologies Ltd. acquired then-Broadcom Corp. for $37 billion, has built itself from a former division of Hewlett Packard into one of the industry's largest chipmakers via a string of purchases.
Qualcomm finds itself in a weakened state. The Wall Street Journal quickly confirmed the news in its own report. The potential offer is a premium of 27.6 percent to Qualcomm's Thursday close. Regulators are still reviewing Qualcomm's $38.1 billion proposed acquisition of NXP Semiconductors for $38.1 billion. 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. The two companies are already among the top ten providers of chips ranked by revenue in an industry that's consolidating rapidly. Broadcom is also a major supplier to numerous same companies for Wi-Fi chips.