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Broadcom ups Qualcomm takeover offer to $82 per share

Broadcom Ltd. raised its bid for semiconductor company Qualcomm Inc. to about $121 billion, calling it its "best and final offer."

Broadcom said it would offer $82 per share, consisting of $60 in cash and the balance in Broadcom shares. This represents a 50% premium over the closing price of Qualcomm common stock on Nov. 2, 2017, the last unaffected trading day prior to speculation regarding a potential transaction between the two chipmakers, and a premium of 56% to Qualcomm's unaffected 30-day volume-weighted average price, it said.

Qualcomm declined to accept Broadcom's unsolicited proposal in mid-November 2017, with Executive Chairman Paul Jacobs saying the offer "significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects."

Broadcom said it would invite Jacobs and one other current Qualcomm director to join the combined company's board once the transaction is completed.

The improved offer also depends on Qualcomm either acquiring NXP Semiconductors NV at the currently disclosed terms of $110 per share or dropping the deal, Broadcom said. Qualcomm must also not delay or adjourn its annual meeting past March 6.