Broadcom Retaliates Against Qualcomm for Raising Its NXP Bid<br />Qualcomm said investors controlling roughly 28 percent of NXP’s shares, including Elliott Management, the activist hedge fund<br />that had opposed Qualcomm’s initial offer as being too low, agreed to tender their shares<br />In lowering its bid, Broadcom argued that Qualcomm’s higher NXP offer would transfer $4.10 a share, or $6.2 billion, in value to NXP shareholders.<br />“Qualcomm’s board acted against the best interests of its stockholders by unilaterally transferring<br />excessive value to NXP’s activist stockholders,” Broadcom said in its statement.<br />Qualcomm increased its offer price for NXP to $127.50 a share from $110 to shore up support for the deal among NXP’s shareholders.<br />The chip maker shaved $3 per share off its hostile takeover bid for Qualcomm, reducing it to $79 a share.
