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Intel mulls possible takeover bid for Broadcom

12 March 2018

According to sources tipping off The Wall Street Journal, Intel could mount an attempt to acquire Broadcom if it appears that that company's takeover of Qualcomm would be imminent. 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 United States national security.

While Intel is not ruling out an eventual approach to Broadcom, there are no takeover discussions under way, and that outcome is not the most likely one, said a person with knowledge of the matter contacted by Bloomberg, who asked not to be identified discussing private deliberations. Broadcom's now market value stands at around $104 billion.

Responding to a request for comment on the report, Intel said that it does not comment on "rumors or speculation" related to mergers and acquisitions, but added that it was focused on ensuring its previous acquisitions are successful.

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"We are aware of the terms in the (CFIUS) order and are in full compliance", a Broadcom spokeswoman said by email when asked whether the company had given CFIUS the required five-day notice on action to redomicile.

As we already let you know at the time, more specifically in the month of November, Broadcom tried to buy Qualcomm in what would be the largest acquisition among chip manufacturers in history.

Broadcom said US national security concerns are not a risk to the closure of the proposed buyout as it never planned to acquire the company before it completes redomiciliation.

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On the other hand, acquiring Broadcom - a market leader in wireless and Bluetooth mobile chips - could give Intel a second chance at success in the mobile market.

CFIUS in its order on Sunday also instructed Qualcomm not to take any action that could lead to a deal with Broadcom during the panel's review, Qualcomm's regulatory filing showed. Vetr upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $269.37 price objective for the company in a research report on Thursday, January 25th.

The company said previous year it's buying Israeli self-driving vehicle technology maker Mobileye NV for about $15 billion. The reason being that if the deal between Broadcom and Qualcomm works out, then the merger between the two could mean it that would be a pretty tough rival for Intel, who struggled to make its presence in the smartphone SoC market. Apple, locked in a legal dispute with Qualcomm over licensing fees, has been working to strip Qualcomm chips from future devices.

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Intel mulls possible takeover bid for Broadcom