Broadcom made an unsolicited, $103 billion offer for rival chipmaker Qualcomm, the tech industry’s largest attempted takeover that is destined to come under intense regulatory scrutiny.
The company said Monday that it would not have pushed forward with the proposed buyout if it was not confident that its global customers “would embrace.”
President Donald Trump had appeared with Broadcom Corp. CEO Hock Tan saying the company is likely to relocate its headquarters from Singapore to the United States.
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There has already been broad consolidation in the computer chip sector and a tie-up between the two giant companies would create a massive producer.
The Broadcom offer of $70 per share to Qualcomm stockholders would be $60 per share in cash and $10 per share of Broadcom. Broadcom says its proposal is a 28 percent premium over the closing price of Qualcomm common stock on November 2, the last “unaffected” trading day for the companies.