Qualcomm Hikes Bid for NXP

Qualcomm Inc. has raised its bid to buy NXP Semiconductors NV to $44 billion in an effort to block its own acquisition by Broadcom Ltd.

San Diego-based chipmaker Qualcomm has been pursing NXP, the giant Dutch supplier of chips to the auto industry, for more than a year. A deal would help Qualcomm expand beyond smartphones and other consumer electronics.

Meanwhile, Broadcom’s bid for Qualcomm has risen from an initial $105 billion last November to $121 billion. Qualcomm considers the sweetened price too low. The company also claims a takeover by Broadcom, which would create the world’s third-largest maker of computer chips, will face heavy regulatory headwinds.

The battle between Broadcom and Qualcomm will come to a head on March 6, says The Wall Street Journal. That’s when Qualcomm shareholders will vote on a slate of directors that includes six members nominated by Broadcom. Their election would give Broadcom a one-seat majority on the Qualcomm board.​​