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Update: Broadcom trims takeover bid for Qualcomm

Broadcom Ltd trimmed its hostile takeover bid for Qualcomm Inc. to $79 per share from $82 per share following the latter's raised $127.50-per-share bid for NXP Semiconductors NV, saying it remains committed to buying the U.S. chipmaker.

The revised offer, which consists of $57 in cash and $22 in Broadcom shares, would be sweetened by $3 should Qualcomm fail to complete its NXP acquisition.

Other terms of Broadcom's proposed merger agreement remained unchanged, including an $8 billion regulatory reverse termination fee and a 6% per annum regulatory ticking fee on the cash portion of the merger consideration, net of dividends.

"Qualcomm's board acted against the best interests of its stockholders by unilaterally transferring excessive value to NXP's activist stockholders," Broadcom said in a press release.

In a statement released later Feb. 21, Qualcomm defended its bid for NXP and criticized Broadcom's new offer.

"Broadcom's reduced proposal has made an inadequate offer even worse despite the clear increase in value to Qualcomm stockholders from providing certainty around the NXP acquisition," Qualcomm said. "Broadcom has refused and continues to refuse to engage with Qualcomm on price."