Qualcomm rules out another bid for NXP

Xi Open to Approving Qualcomm-NXP Deal if Presented Again

A Qualcomm spokesman said that the business will not pursue its previous agreement to agree NXP.

While this latest development might prove to be positive for both parties, some observers have noted that it might be too late to salvage the deal.

That's nice, said Qualcomm. "While we were grateful to learn of President Trump and President Xi's comments about Qualcomm's previously proposed acquisition of NXP, the deadline for that transaction has expired, which terminated the contemplated deal".

But in a media statement, Qualcomm said the deadline for the planned transaction has expired, and the company now "considers the matter closed", with no intention of reviving talks. During the months that followed it proved to be hard to get shareholder backing so Qualcomm was forced to increase their bid to $128 per share for NXP, for a total value of $44 billion pending regulatory approval.

Qualcomm had to pay NXP a $2 billion (approximately Rs. 14,100 crores) fee to terminate the deal.

A victim of tension between the United States and China, Qualcomm and NXP had waited forregulatory approvals for almost two years before Xi's administration let the clock run out. It spent $22.6 billion on buying its own stock in the 12-months ended September, using up cash reserves that had been intended for the NXP acquisition.

China's foreign ministry declined to comment on Qualcomm during a regular media briefing on Monday.

"If that deal came back to him, he would most likely approve it quickly", Trump said. "Which is a big thing".

That may mean that NXP's board "could be open to the idea" of an acquisition if they are presented with another offer from Qualcomm, the analysts said.

The trade dispute was instigated by Trump, who is displeased with the United States' trade deficit with China.

The American and Chinese presidents met during the G20 event in Argentina to cover an array of thorny issues. Qualcomm has a large presence in China so they were not left with any real options except to cancel the deal.

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