Broadcom will unveil plans for a higher offer to acquire Qualcomm – valued at $120 billion – Reuters reported.
This follows a report that Broadcom planned on increasing its bid close to Qualcomm’s board meeting in March.
Citing two sources, Reuters reported that Broadcom’s offer would value Qualcomm at between $80 and $82 per share.
The company previously offered $70 per share, which consisted of $60 per share in cash and $10 per share in stock. Qualcomm rejected this offer.
Broadcom also plans to offer a higher-than-normal breakup fee. The breakup fee is paid if regulators block the deal, and is usually 3%-4% of the deal’s size.