A Broadcom-Qualcomm deal would create a dominant company in the market for supplying chips used in the 1.5 billion or so smartphones expected to be sold around the world this year.
"It's a smart move that would make Broadcom into a tech juggernaut", said GBH Insights analyst Daniel Ives.
On Monday, Qualcomm's shares were up 3 percent at $63.71 in morning trading, suggesting that investors were skeptical a deal would happen.
Qualcomm said its board of directors is now reviewing the offer. There has been regulatory scrutiny for that deal in Europe, as well as reported objections from NXP stakeholders.
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Qualcomm provides chips to carrier networks to deliver broadband and mobile data and is also in the process of closing a US$38 billion bid for automotive chipmaker NXP Semiconductors NV that it made past year.
"Now it's a game of high-stakes poker for both sides", he said.
Broadcom rose up by 5.5 percent on Friday for a estimated market value of $112 billion. Analysts say that if Broadcom can salvage the Apple relationship, it would sharply increase potential returns from the takeover.
It has also offered to pick up $25 billion in debt. The Broadcom proposal stands whether Qualcomm's pending acquisition of NXP Semiconductors N.V. ("NXP") is consummated on the now disclosed terms of $110 per NXP share or the transaction is terminated. It has pulled off a string of purchases over a decade.
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If Broadcom decides to make a hostile bid, Qualcomm's governance rules would allow the rival to submit its own slate for the entire 10-member board by a Dec 7 nomination deadline.
Qualcomm and Broadcom have patent portfolios in wireless communications that are largely adjacent to each other, and antitrust concerns over any proposed deal could be muted because the companies have few areas of overlap beyond Wi-Fi solutions for wireless routers, Bluetooth drivers and some RF semiconductors. "It would value Qualcomm's equity at roughly $103bn".
Tan visited President Trump at the White House last week to announce that Broadcom would be moving its headquarters from Singapore to Delaware.
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