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Qualcomm Says Board To Review Broadcom's Sweetened $82 Per Share Bid

Qualcomm Inc. (QCOM) confirmed Monday that it has received a revised, non-binding, unsolicited proposal from Broadcom Ltd. (AVGO) to acquire all outstanding shares of Qualcomm for $60.00 per share in cash and $22.00 per share in Broadcom stock.

Qualcomm said its board of directors, in consultation with its financial and legal advisors, will review the revised proposal to determine the course of action it believes is in the best interests of the company and its stockholders. The company added that it will have no further comment on the proposal until its Board has completed its review.

Earlier on Monday, Broadcom said it has made a "best and final offer" to acquire all outstanding shares of common stock of Qualcomm for $82.00 per each Qualcomm share, consisting of $60.00 in cash and the remainder in Broadcom shares.

Broadcom's improved offer is premised on either Qualcomm acquiring NXP Semiconductors on the currently disclosed terms of $110 per NXP share or the transaction being terminated, and is also premised on Qualcomm not delaying or adjourning its annual meeting past March 6, 2018.

In November 2017, Qualcomm's board had unanimously rejected Broadcom's non-binding, unsolicited proposal to acquire Qualcomm for per share consideration of $60.00 in cash and $10.00 in Broadcom stock.

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