It's not a done deal, however. We will maintain our fair value estimates of $68 for narrow-moat Qualcomm and $203 for narrow-moat Broadcom, but we would probably raise our fair value estimate for Broadcom-perhaps as much as 25%-if a definitive deal were reached.
Qualcomm is preparing to fend off the unsolicited offer, arguing it undervalues the company, people familiar with the plans have said.
"We are well advised and know what our options are, and we have not eliminated any of those options", said Tan, who has pulled off a string of deals over the past decade.
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Broadcom today (6 November) revealed a $105bn takeover bid for Qualcomm, a move that would see the creation of a giant in the chip-making world. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt, giving effect to Qualcomm's pending acquisition of NXP on its now disclosed terms.
Broadcom shares rose 1.4 per cent to US$277.52 after touching a record of US$281.80.
Broadcom said BofA Merrill Lynch, Citi, Deutsche Bank, JP Morgan and Morgan Stanley have advised that they are confident that they will be able to arrange the necessary financing for the proposed transaction.
Broadcom has been trying to get regulatory approval for its purchase of Brocade Communications Systems Inc since 2016. Qualcomm recently agreed to buy NXP for a total of $47 billion in an all-cash deal.
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Qualcomm stock has fallen this year because of a patent fight with Apple, which could quit using Qualcomm chips in its phones, and concerns that it may have to raise its bid for a NXP.
"Qualcomm will have no further comment until its board of directors has completed its review", the company said.
Its entire 10-member board is up for re-election this spring, and Broadcom could seize on the December nomination deadline to put forward its own slate that would then help make negotiations. "It would value Qualcomm's equity at roughly $103bn".
Broadcom president and chief executive Hock Tan said it was a "complementary transaction" that would position the combined company as a "global communications leader".
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