Qualcomm Inc. shares are up 2.6% in premarket trading Monday after the company said that it held a second meeting with Broadcom Ltd. regarding its merger proposal on Feb. 23. “The Qualcomm Board believes the meeting led to further progress toward a possible negotiated transaction on key issues other than price,” the company said in a statement. Qualcomm also said that it had gotten board approval to send Broadcom a markup of the “previously released draft merger agreement that, if agreed to by Broadcom, would resolve all issues between the two companies other than price.” Broadcom lowered its bid for Qualcomm to $79 per share last week, in response to Qualcomm’s raised offer for NXP Semiconductors NV , though Broadcom said it would revert back to the original $82/share offer if the NXP deal were not to go through. Qualcomm said its board believes both Broadcom offers undervalue the company and said that Broadcom noted at the Feb. 23 meeting that the $79/share offer was its final proposal. Qualcomm shares are up 11% over the past 12 months, while Broadcom shares have gained 21% and the S&P 500 Index is up 16%.
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