Feb 20, 2018

Broadcom re-evaluating bid after Qualcomm ups NXP offer

Paul Jacobs speaks during a keynote address. Photo: David Becker / Getty Images

Qualcomm raised its offer for Dutch chipmaker NXP Semiconductors on Tuesday, possibly making that deal more likely to happen and a hostile takeover from Broadcom less likely.

The bottom line: This is the highest-stakes poker game in town and Qualcomm just significantly increased the pot.

In the wake of Qualcomm's sweetened NXP bid, Broadcom said it is "evaluating its options."

"By raising its offer for NXP from $110 per NXP share to $127.50 per NXP share, Qualcomm’s board of directors and management have transferred $4.10 per Qualcomm share from Qualcomm stockholders to NXP stockholders, representing approximately $6.2 billion of value. This revised price for NXP is well beyond what Qualcomm has repeatedly characterized as a “full and fair” price."
— Broadcom

Qualcomm's take: Qualcomm said it has convinced shareholders controlling 28% of NXP stock to tender their shares at the revised price.

"NXP is a highly strategic and attractive acquisition for Qualcomm that enhances the value of our leading 5G technologies.  We also believe the revised agreement provides certainty for both Qualcomm and NXP stockholders."
— Qualcomm chairman Paul Jacobs

Go deeper

Major League Soccer embarks on its 25th season

Illustration: Aïda Amer/Axios

As Major League Soccer begins its 25th season, the league is financially stable and surging in popularity, and its 26 teams have gorgeous facilities and rapidly increasing valuations.

  • It also continues to expand, with David Beckham's Inter Miami and Nashville SC set to debut this season as the 25th and 26th teams. Plans are in place to reach 30 franchises by 2022 — triple the number from 2004.
Go deeperArrow35 mins ago - Sports

Wall Street falls 3% as coronavirus correction worsens

raders work on the floor of the New York Stock Exchange. Photo: Scott Heins/Getty Images

Stocks fell more than 3% on Friday morning, pushing stocks further into correction territory.

Why it matters: It continues the ugly stretch for Wall Street that began after a spike in coronavirus cases around the world. The S&P is over 12% below its recent peak, edging closer to the mark that would technically end the market’s decade-long rally.

Go deeper: The growing coronavirus recession threat

Coronavirus updates: First case in sub-Saharan Africa confirmed

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Nigeria confirmed its first novel coronavirus case in an Italian who flew to Lagos from Milan — the first known case in sub-Saharan Africa. The World Health Organization has been working to prepare Africa's health care systems to be ready for the outbreak, which is now also confirmed in Algeria and Egypt.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,700 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 4 hours ago - Health