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Veoneer Shares Pop As Qualcomm Beats Magna's Takeover Offer: Bloomberg

Author: Anusuya Lahiri | September 13, 2021 02:21pm

Qualcomm Inc (NASDAQ:QCOM) has made a bid to acquire automotive technology company Veoneer Inc (NYSE:VNE) for over $4 billion, beating Magna International Inc's (NYSE: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.

Posted In: MGA QCOM VNE