- Qualcomm Inc QCOM has made a bid to acquire automotive technology company Veoneer Inc VNE for over $4 billion, beating Magna International Inc's MGA, Bloomberg reports. Magna offered $31.25-a-share for Veoneer in July.
- The chipmaker confidentially formalized its offer of $37 a share as it strived to expand beyond smartphones.
- Qualcomm is interested in Veoneer's Arriver software unit, which helps cars perceive and make driving decisions and would likely later divest the non-Arriver assets to private equity firms or other automotive companies.
- Magna's market capitalization of about $24 billion, which includes about $3.4 billion in cash, falls way short of Qualcomm's market value of $162 billion and almost $13 billion in cash and equivalents.
- Price Action: VNE shares traded higher by 2.76% at $35.77 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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