Broadcom Ltd. plans to raise its hostile bid to buy rival chipmaker Qualcomm Inc. to about $120 billion, Reuters reported Sunday. Citing unnamed sources, Reuters said Broadcom will meet with its advisers Sunday to finalize an offer valuing Qualcomm at $80 to $82 a share, up from about $70 a share. Qualcomm rejected the original $105 billion bid late last year. The acquisition, if it happens, would be the biggest tech deal in history. Qualcomm shareholders will meet March 6, and will vote on a bid by Broadcom to replace the board of directors. Qualcomm shares are up 3.2% this year, while Broadcom is down 8.3%, compared to the S&P 500’s 3.3% gain.
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