Broadcom Sticks to
Broadcom remains fully committed to
pursuing its acquisition of Qualcomm. Broadcom's offer of $70.00 per
share, which consists of $60.00 in cash and $10.00 per share in Broadcom
shares, represents a 28% premium over the closing price of Qualcomm's
common stock on November 2, 2017, the last unaffected trading day prior
to media speculation regarding a potential transaction, and a premium of
33% to Qualcomm's unaffected 30-day volume-weighted average price. The
Broadcom proposal stands whether Qualcomm's pending acquisition of NXP
Semiconductors N.V. ("NXP") is consummated on the currently disclosed
terms of $110 per NXP share or is terminated.
Tan, President and Chief Executive Officer of Broadcom, stated, "This
transaction will create a strong, global company with an impressive
portfolio of industry-leading technologies and products, and we have
received positive feedback from key customers about this combination. We
continue to believe our proposal represents the most attractive,
value-enhancing alternative available to Qualcomm stockholders and we
are encouraged by their reaction. Many have expressed to us their desire
that Qualcomm meet with us to discuss our proposal. It remains our
strong preference to engage cooperatively with Qualcomm's Board of
Directors and management team."
Moelis & Company LLC, Citi, Deutsche Bank, J.P. Morgan, BofA Merrill
Lynch and Morgan Stanley are acting as financial advisors to Broadcom.
Wachtell, Lipton, Rosen & Katz and Latham & Watkins LLP are acting as