Intel reportedly eyeing Broadcom to thwart Qualcomm buyout

Reuters

Broadcom's stock rose 4% in after-hours trading on Friday to $264.21 after the Wall Street Journal reported of Intel's interest in acquiring Broadcom, which engaged in a hostile takeover attempt of mobile chip maker Qualcomm. Today, the companies made dueling announcements: Qualcomm brought in Jeffrey Henderson as an independent board chairman, while Broadcom sent Congress a letter proclaiming a possible hostile takeover isn't a threat to U.S. national security.

Sources familiar with the matter have said that Intel is considering going after a possible purchase of Broadcom, should this merger fall through.

Intel has been considering such a move since late previous year and is working with advisers, according to the Journal. One source told the Journal that it would be unlikely.

Broadcom has a market value of about US$104 billion.

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The report further noted that "The U.S. Treasury's Committee on Foreign Investment in the United States has raised concerns about Broadcom's pursuit, which is unprecedented for a deal that hasn't been formally announced or agreed to".

If Broadcom can convince USA regulators that it should be allowed to purchase Qualcomm, an even bigger fish is standing by possibly ready to gobble up Broadcom.

So in many ways, what Broadcom refers to as its plans to "redomicile" to the US are largely symbolic. "If Broadcom fails, it would then make a ton of sense for Intel to buy Broadcom".

Intel has insinuated that its primary focus at the moment is to focus on integration of its recent acquisitions and be able to make a profitable turnaround for the benefit of its customers and its shareholders. Vetr lowered Broadcom from a "strong-buy" rating to a "buy" rating and set a $295.36 price objective for the company.in a research note on Wednesday, January 3rd.

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The company said in its press release today that it supports the CFIUS process and noted that the agency has previously reviewed and cleared its acquisition of Brocade in November 2017.

Qualcomm stockholders were to vote last week on whether to elect a slate of Broadcom nominees to Qualcomm's board, which would presumably favor the $117 billion offer from Broadcom that Qualcomm's board has rejected multiple times. Apple, locked in a legal dispute with Qualcomm over licensing fees, has been working to strip Qualcomm chips from future devices.

Broadcomm also supplies wireless chips for devices from Samsung Electronics Co., ZTE Corp., LG Electronics Inc., Huawei Technologies Co., and Cisco Systems Inc., according to Bloomberg data.

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