Broadcom reduced its offer to $79 a share, which would still be the largest-ever deal in the tech sector if completed at an estimated value of nearly $117 billion. A Broadcom statement said the offer was reduced because "Qualcomm's board acted against the best interests of its stockholders by unilaterally transferring excessive value to NXP's activist stockholders." Qualcomm on Tuesday raised its offer for NXP to an estimated $43 billion, aiming to alleviate concerns of some NXP investors and seal the tie-up which would make a Broadcom acquisition of Qualcomm less enticing. Broadcom said Wednesday it remained committed to acquiring Qualcomm and its cash-and-stock offer would revert back to $82 per share should Qualcomm fail to acquire NXP. "Broadcom remains confident that Qualcomm's stockholders will continue to support its proposal to acquire Qualcomm," Broadcom said in a statement.

Source: The Nation Bangkok February 22, 2018 00:11 UTC