The $70-per-share price values Qualcomm at $103.2 billion. It would be the biggest-ever purchase of a semiconductor manufacturer.
"It's a smart move that would make Broadcom into a tech juggernaut", said GBH Insights analyst Daniel Ives.
A Qualcomm spokeswoman declined to comment. This week it said it planned to move its official headquarters from Singapore to Delaware. This week, Broadcom said it would move its headquarters from Singapore back to the USA, where it lists an HQ in San Jose, California.
Qualcomm shares rose as much as 13 per cent in NY in their biggest intraday move since 2008, valuing the company at $92-billion.
Qualcomm is now trying to buy Netherlands-based NXP Semiconductors NV for about $40 billion. NXP is one of the largest makers of chips for vehicles and expanding into self-driving technology.
At the company's 4G/5G Summit taking place in Hong Kong, Qualcomm has announced the first successful test of a 5G data connection on its 5G modem chip-set for mobile devices - the X50.
That would give it control of a big part of the supply chain of vital phone components such as wi-fi and cellular modem chips.
The only other major supplier of high-end chips is Intel Corp, which supplies about half of the modem chips in Apple's iPhones.
Intel shares fell 1.6 percent to $46.34. Broadcom's plan to move its home address to the US from Singapore would free its $5.5 billion deal for USA network provider Brocade Communications Systems from a review by the Committee on Foreign Investment in the United States.
Qualcomm shares are now up 12.62% to $61.76. Shares of NXP fell 2 percent and Brocade slipped 2.6 percent. Shares are down almost 16% this year due to legal battles with Apple and the loss of royalties from Apple and an unnamed second licensee. Apple, in suing Qualcomm, thinks the company is nonetheless overcharging for use industry standard patents, which the law requires be licensed out on fair, reasonable, and non-discriminatory (or "FRAND") terms.
We'll be paying close attention in the next few days for a potential announcement, so stay tuned for additional updates.
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