Broadcom trims its offer for Qualcomm to $79 per share

Broadcom trimmed its offer to acquire Qualcomm from $82 to $79 per share, but said it is still committed to pursuing the deal. The offer consists of $57 in cash and $22 in Broadcom shares.

The decision to cut the price follows Qualcomm's decision to increase its offer to acquire NXP Semiconductor from $110 to $127.50 per share.

Broadcom's proposed merger agreement otherwise remains unchanged, including the $8 billion regulatory reverse termination fee and 6% per annum (net of dividends) ticking fee accruing from and after the 12-month anniversary of the date of the merger agreement.