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Broadcom Receives Second Request from FTC Under HSR Act for Proposed Acquisition of Qualcomm.

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M2 EQUITYBITES-January 22, 2018-Broadcom Receives Second Request from FTC Under HSR Act for Proposed Acquisition of Qualcomm

(C)2018 M2 COMMUNICATIONS http://www.m2.com

22 January 2018 - Singapore-based semiconductor device supplier Broadcom Ltd. (NASDAQ: AVGO) has received a request for additional information and documentary material from the Federal Trade Commission in connection with Broadcom's proposed acquisition of US-based chipmaker Qualcomm Inc. (NASDAQ: QCOM), the company said.

The Second Request was expected as a normal part of the regulatory approval process. Second Requests are common in similar transactions, and this signifies that Broadcom is moving into the next stage of the US antitrust review process.

The effect of the Second Request is to extend the 30-day waiting period imposed by the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

Broadcom may not close the proposed acquisition until 30 days after it has substantially complied with the request, unless that period is extended voluntarily by Broadcom or terminated sooner by the FTC. Broadcom is cooperating fully with the FTC staff to obtain regulatory approval for the proposed transaction on a timely basis.

On 6 November 2017, Broadcom proposed to acquire all of the outstanding shares of Qualcomm for per share consideration of USD 70.00 in cash and stock, consisting of USD 60.00 in cash and USD 10.00 in Broadcom shares.

Broadcom's offer represents a 28% premium over the closing price of Qualcomm's common stock on November 2, 2017, the last unaffected trading day prior to media speculation regarding a potential transaction, and a premium of...

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