Broadcom has cut the value of its takeover bid for rival Qualcomm by $4 billion, arguing that its "full and final offer" for the company was based on Qualcomm completing its proposed acquisition of NXP Semiconductors at $38 billion rather than its raised bid of $44 billion.
Broadcom added that other elements of its proposed deal, including an $8 billion termination fee in the event of the deal being rejected by regulators, still stood.
The cut by Broadcom is the latest twist in the takeover saga that has been running since November 2017 when the company launched a hostile $105 billion takeover bid - $130 billion, after factoring in net debt.
This was rejected by the board of Qualcomm, who told shareholders that Broadcom's management lacked the experience to run an enlarged company, and that the deal would probably be rejected by anti-trust regulators.
Broadcom subsequently raised its bid with what it described as a "best and final offer" of $121 billion - $145 billion taking net debt into account - at the beginning of February. This was followed up with a meeting of the two companies last week, with Qualcomm's board again rejecting Broadcom's overtures.
Earlier this week, though, Qualcomm raised its bid of NXP Semiconductors, a bid launched in October 2016, but which had seemingly stalled. Influential NXP shareholder Elliott Management had claimed that Qualcomm's opening $110 per share offer substantially undervalued NXP, pinning a $135 per share value on the company. Qualcom's raised bid is worth $127.50 - an offer that has received the approval of Elliott Management.
During the time in which Qualcomm's deal for NXP has dragged on, Broadcom acquired Brocade for $5.9 billion, while NXP - formerly Philips Semiconductors - only completed its merger with Freescale Semiconductor in December 2015
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