Broadcom raises offer to buy Qualcomm to $121 billion

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(Reuters) – Chipmaker Broadcom Ltd on Monday raised its offer to buy Qualcomm Inc by 24 percent to more than $121 billion, sweetening the bid and putting more pressure on its rival to come to the table for negotiations.

The new offer values the company at $82 per share – a premium of 24 percent over Qualcomm’s close on Friday.

Qualcomm in November rejected Broadcom’s $70 per share cash-and-stock bid that valued the company at $103 billion.