Shares of Qualcomm Inc. surged 4.4% in premarket trade Monday, after Broadcom Ltd. boosted its bid to buy the semiconductor maker by 17% to its “best and final offer” of $82 a share. The bid consists of $60 a share in cash and the rest in Broadcom stock. Reuters had reported on Sunday that an increased bid was planned. The bid is 24% above Qualcomm’s stock closing price on Friday of $66.07, and above the prior bid of $70 a share. It values Qualcomm at $121.39 billion. Broadcom said the improved bid is premised on either Qualcomm acquires NXP Semiconductors N.V. on the the currently disclosed terms of $110 a share, or if that deal is terminated, and on Qualcomm not delaying its annual meeting past March 6. Broadcom’s stock fell 1.1% in premarket trade. Over the past three months, Qualcomm shares have gained 6.9%, while Broadcom’s stock has tumbled 14% and the S&P 500 has climbed 6.7%.
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