Broadcom Said to Plan $120 Billion Qualcomm Bid, Reuters Says

(Bloomberg) -- Broadcom Ltd. plans to raise its hostile takeover offer for semiconductor rival Qualcomm Inc. to about $120 billion from $105 billion, Reuters reported, citing people familiar with the deal that it didn’t identify.

Broadcom is scheduled to meet with its advisers later Sunday to put finishing touches on an offer of $80 to $82 a share, up from the previous $70, Reuters reported, citing two of the people.

The revised offer, which amounts to about a 14 percent increase, would enlarge what was already the biggest-ever technology deal. Qualcomm had rejected Broadcom’s initial $105 billion bid, which Chief Executive Officer Steve Mollenkopf said “isn’t even in the ballpark.”

Broadcom CEO Hock Tan may decide to significantly change the terms at the last minute, Reuters reported, adding that the companies didn’t immediately respond to requests for comment. Broadcom and Qualcomm also didn’t immediately respond to a request for comment from Bloomberg News.

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