Broadcom shares lifted off on Monday after reports revealed that the company had made an unsolicited offer to buy Qualcomm Inc. for over $100 billion.
Broadcom confirmed on Monday that it did indeed offer $60 per share in cash and $10 per share in stock to buy the company. The value of the deal at this offer is $103 billion.
Some are saying this could be the biggest tech acquisition ever. Qualcomm is known for providing chips to carrier networks to deliver broadband and mobile data. The company is also in the process of closing its $38 billion bid for NPX Semiconductors which would add even more value to the deal.
Broadcom Chief Executive Hock Tan said to Reuters, “We are well advised and know what our options are, and we have not eliminated any of those options,” said Tan, in regards to not ruling out a proxy. He continued, “We have a very strong desire to work with Qualcomm to reach a mutually beneficial deal.”
Earlier this month Broadcom had announced it would be moving its headquarters from Singapore back to the United States.
Disclaimer: We have no position in QUALCOMM, Inc. (NASDAQ: QCOM) nor Broadcom Ltd. (NASDAQ: AVGO) and have not been compensated for this article.