Can Broadcom recover from its biggest M&A setback?

SINGAPORE (Mar 16): When Tan Hock Eng, CEO of Broadcom, announced last November his company was redomiciling to the US, President Donald Trump praised him as “a great, great executive” and called Broadcom “one of the really great, great companies”.

Within hours of the White House meeting, Tan launched the largest takeover deal in tech’s history, a US$117 billion ($153 billion) cash-and-share bid for rival Qualcomm, known for its baseband 4G chips used in smartphones.

Trump halts Broadcom takeover of Qualcomm on security risks

(Mar 13): President Donald Trump issued an executive order Monday blocking Broadcom Ltd. from acquiring Qualcomm Inc., scuttling a US$117 billion ($153.9 billion) hostile takeover that had been subject of scrutiny over the deal’s threat to US national security.

Broadcom said on track for Qualcomm majority amid delay on vote

SINGAPORE (Mar 6): Broadcom is on course to win all six of the seats it’s seeking on Qualcomm Inc’s board, giving it a majority to push forward with its hostile takeover, even as a US government panel forced a delay of the final tally amid concerns about the deal’s threats to national security.

Broadcom raises Qualcomm hostile bid to about US$121 bil

(Feb 5): Broadcom has raised its bid for Qualcomm Inc. to about US$121 billion ($160 billion), in an attempt to force what could be the largest-ever technology deal.

The new offer of US$82 a Qualcomm share will be Broadcom’s “best and final,” according to a statement Monday. The deal would take the form of US$60 in cash and the remainder in Broadcom shares. That would represent a 50% premium over the price Qualcomm was trading at on Nov 2, before news of the approach broke, Broadcom said.

Broadcom to raise Qualcomm bid in push for talks

(Feb 5): Broadcom plans to unveil a new approximately US$120 billion ($158.3 billion) offer for Qualcomm on Monday, aiming to ratchet up pressure on its US semiconductor peer to engage in negotiations, people familiar with the matter said on Sunday.

The move comes ahead of a Qualcomm shareholder meeting scheduled for March 6, when Broadcom is seeking to replace Qualcomm’s board of directors by nominating its own slate for election.

Qualcomm woos shareholders with promise of earnings boost

(Jan 17): Qualcomm Inc launched its public defense against the US$105 billion ($139 billion) hostile takeover attempt by Broadcom, asking shareholders to have confidence in management’s strategy and push aside the suitor.

In a letter to shareholders Tuesday, the chipmaker asked them to re-elect the existing board at its annual meeting on March 6. Broadcom has introduced its own slate of board candidates in an effort to consummate what would be the biggest ever technology industry deal.

Qualcomm ensures worker payments if Broadcom shakes it up

(Jan 11): Qualcomm Inc, as it fights what would be the largest technology takeover, is guaranteeing that any acquirer would have to pay up if existing employees are fired after a corporate change of control.

This tech manufacturer's 39% sales surge in FY17 is 'no fluke' says Maybank

SINGAPORE (Jan 10): Maybank Kim Eng says Venture Corp's estimated 39% revenue surge in FY17 is "no fluke" and that the Street may be underestimating forward revenue and margins.

Maybank expects Venture’s FY17 revenue to grow 39% y-o-y as analysis of the company's revenue and customers suggests it likely won significant allocations from a few existing customers.

Broadcom swings back to the black in 4Q with higher than expected US$636 mil earnings

SINGAPORE (Dec 7): Broadcom reversed back into profitability in 4Q ended Oct as the chipmaker makes a US$105 billion ($142 billion) bid for Qualcomm Inc.

In the latest quarter, Broadcom swung to higher than expected earnings of US$636 million, or US$1.50 a share, compared with a loss of US$632 million, or US$1.59 per share, a year earlier. On an adjusted basis, earnings grew to US$4.59 per share from US$3.47 a year ago.

Revenue jumped 8.5% to $4.84 billion. Analysts had projected adjusted earnings of US$4.52 a share on $4.83 billion in revenue.

Broadcom presses on in takeover bid; proposes to replace Qualcomm's board of directors

SINGAPORE (Dec 5): Broadcom is now proposing to unseat the board of directors at rival company Qualcomm, after facing multiple rejections in its quest to take over the latter.

The Nasdaq-listed chipmaker on Monday announced its intention to nominate a slate of 11 “independent, highly-qualified individuals” to be elected on Qualcomm’s board of directors prior to the latter’s 2018 Annual Meeting to be held on March 6.

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