VNE - Qualcomm reportedly enters binding $37 per share offer for Veoneer

Qualcomm (NASDAQ:QCOM) has reportedly made a binding $37 per share or about $4.6 billion offer to acquire Veoneer (NYSE:VNE), according to Bloomberg, after a bidding war with Magna International (NYSE:MGA). The price matches the offer Qualcomm lodged early last month, which came in ahead of Magna's original $31.25 per share deal. Qualcomm previously said it would fund the acquisition with existing cash. The board already approved the deal and shareholders aren't required to vote on the matter. "As the automotive industry continues to transform, it is becoming increasingly important for automakers to have a partner who develops horizontal platforms that drive innovation and enable competition. The proposed acquisition will bring together our industry-leading automotive solutions with Veoneer's assisted driving assets to deliver a competitive and open ADAS platform to automakers and Tier 1 suppliers at scale," said Qualcomm CEO Cristiano Amon when announcing the original offer. Veoneer shares are up

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Qualcomm reportedly enters binding $37 per share offer for Veoneer