Broadcom may acquire Qualcomm amid existential legal battle with Apple

Broadcom may acquire Qualcomm amid existential legal battle with Apple

The biggest ever takeover of a chipmaker could be brewing. 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.

A Qualcomm representative declined to comment.

Share value in Qualcomm is up almost 14 percent on the news. Broadcom's stock also rose on the report, adding $14.13 or 5.45% to $273.63.

According to Bloomberg, the offer would be roughly $70 a share in cash and stock that could top $100 billion - though a final decision on the whether to make the bid has not been made. Broadcom itself was reborn in 2016 when Avago Technologies Ltd. acquired Broadcom Corp. for $37 billion.

More: Don't want an iPhone 8 or iPhone X? A legal battle with Apple is costing revenue and jeopardizing a business model that for years made Qualcomm one of the most successful chipmakers.

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Broadcom, which has a market value of $110 billion, just announced on Thursday that it's moving its headquarters to the USA from Singapore. For one, Qualcomm is in the midst of a legal dispute with Apple, with the dispute having started in January when Apple sued Qualcomm for $1 billion.

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

Regulators are still reviewing Qualcomm's $38.1 billion proposed acquisition of NXP Semiconductors for $38.1 billion. Apple, in suing Qualcomm, thinks the company is nonetheless overcharging for use industry standard patents, which the law requires be licensed out on fair, reasonable, and non-discriminatory (or "FRAND") terms. 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 involved in big deals from about a year ago.

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