Broadcom Ltd. (NASDAQ:AVGO) said on Wednesday that it would lower its hostile takeover bid for Qualcomm Inc. (NASDAQ:QCOM) by US$3 a share after the telecoms equipment company's decision to raise its own bid for NXP Semiconductors NV (NASDAQ:NXPI).
The Nasdaq-listed wireless communications equipment provider said it would now seek to acquire Qualcomm for US$79 per share, consisting of US$57 in cash and US$22 in Broadcom shares.
READ: Broadcom gives bullish outlook, chip maker predicts first quarter earnings above expectations
The previous bid had been pitched at US$82 per share, made up of $60 in cash and US$22 in Broadcom shares.
Broadcom stated that it would revert to this initial bid price if Qualcomm was unable to complete the NXP acquisition.
The revised bid came a day after Qualcomm raised its bid for NXP, prompting Broadcom to say it was “evaluating its options” for its own deal.
In early New York trading, Broadcom shares were up 0.7% at US$251.58, while Qualcomm shares were down 1.3% at US$63.05.