Qualcomm signalled on Monday it was open to a deal with Broadcom and said it would open its books to the Singapore-based group in an attempt to bring the two closer together on agreeing a price for what would be the largest tech acquisition in history.
Paul Jacobs, the chairman of Qualcomm, said in a letter to Broadcom chief executive Hock Tan that the company would like to sign a non-disclosure agreement and begin due diligence between the two companies. Mr Jacobs also proposed the two companies arrange a meeting “as soon as mutually convenient” to negotiate a price to strike a transaction.
Broadcom had previously offered its US rival much as $146bn, including debt, in a “best and final” bid it hoped would clinch an agreement, a figure that was rebuffed by Qualcomm’s board of directors. Broadcom later cut that price to $142bn after Qualcomm agreed to a $44bn deal to take over NXP Semiconductor.
On Monday, Mr Jacobs said a meeting between the two companies held on Friday had led to “further progress”