VNE - Magna says it will be `disciplined' after Qualcomm bid for Veoneer

Magna International (NYSE:MGA) CEO said the company is considering next steps after Qualcomm (QCOM) made a rival offer for Veoneer (NYSE:VNE), though he cautioned that he will remained "disciplined." Vioneer fell 4.1% in premarket trading and Magna dropped 3.8% post earnings. "We will be disciplined in our approach and remain committed to earning appropriate returns on our investments," Magna CEO Seetarama Kotagiri said on the company's Q2 earnings call. Qualcomm (NASDAQ:QCOM) yesterday started a bidding war with Magna (MGA) for Veoneer (VNE), offering $37/share for the company, above Magna's original $31.25 deal.  Yesterday, a Keybanc analyst said Magna (MGA) was unlikely to match Qualcomm's bid.  Magna (MGA) has a "limited" ability to counter Qualcomm (QCOM) is it would "stretch" Magna above its adj. debt/EBITDA target of 1.0x-1.5x and Magna's has "less favorable" deal terms. Earlier, Magna International EPS misses by $0.01, misses on revenue; updates full year guidance.

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Magna says it will be `disciplined' after Qualcomm bid for Veoneer