On Sunday, November 5, the Financial Times reported that Broadcom CEO Broadcom CEO Hock Tan is preparing a US$100 billion unsolicited bid to acquire rival chip maker Qualcomm.
Shares of both companies jumped that same day after the report was released; Qualcomm by 12.7% and Broadcom by 5.5%.
The news was released the same day that Broadcom CEO Hock Tan announced that the company will be moving back to the US from Singapore.
Qualcomm has been plagued with legal battles and fines lately, a recent one being a US$770 million fine for abusing its dominant position, delivered from Taiwan last month. The company has already received similar fines from China and South Korea and has been fighting Apple Inc. in a lawsuit since January of this year.