Broadcom Reportedly Plans To Raise Takeover Offer For Qualcomm

(RTTNews) - Broadcom Limited (AVGO) plans to raise its hostile takeover offer for semiconductor rival Qualcomm Inc. (QCOM) to about $120 billion from $105 billion, reports said, citing people familiar with the deal.

Broadcom is scheduled to meet with its advisers later Sunday to put finishing touches on an offer of $80 to $82 per share, up from the previous $70 per share, reports said.

Qualcomm had rejected Broadcom's initial $105 billion bid, which Chief Executive Officer Steve Mollenkopf said "isn't even in the ballpark."

The reports indicated that Broadcom CEO Hock Tan may decide to significantly change the terms at the last minute.