Broadcom said to plan US$120b Qualcomm bid

[CHICAGO] Broadcom plans to raise its hostile takeover offer for semiconductor rival Qualcomm Inc to about US$120 billion from US$105 billion, Reuters reported, citing people familiar with the deal that it didn't identify.

Broadcom is scheduled to meet with its advisers later Sunday to put finishing touches on an offer of US$80 to US$82 a share, up from the previous US$70, Reuters reported, citing two of the people.

The revised offer, which amounts to about a 14 per cent increase, would enlarge what was already the biggest-ever technology deal. Qualcomm had rejected Broadcom's initial US$105 billion bid, which chief executive officer Steve Mollenkopf said "isn't even in the ballpark."

Broadcom CEO Hock Tan may decide to significantly change the terms at the last minute, Reuters reported, adding that the companies didn't immediately respond to requests for comment.

Broadcom and Qualcomm also didn't immediately respond to a request for comment from Bloomberg News.

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