NXP shareholders owe a big ‘thank you’ to Broadcom’s CEO
@Broadcom CEO @HockTan says that buying @NXP doesn’t solve @Qualcomm ‘s problems — but he’s currently a hero to NXP shareholders. Broadcom’s months-long unsolicited pursuit of Qualcomm likely compelled the San Diego-based chipmaker to bid higher than it otherwise would have to acquire NXP, according to people familiar with the matter. Qualcomm upped its bid 16 percent to $127.50 per share, or about $44 billion, the company said in a statement Tuesday. The final hurdle may have been proxy advisory firm Institutional Shareholder Services’ report on Friday advocating that Qualcomm close NXP to provide the company “with the next-best safety net of diversification,” failing a deal with Broadcom. Within an hour of the report being published, Qualcomm called some NXP shareholders asking what price it would take to secure a successful tender offer, according to the people, who asked not to be named because the discussions were private.