VNE - Veoneer to enter talks with Qualcomm after saying offer likely to be superior to Magna

Veoneer (NYSE:VNE) agreed to enter talks with Qualcomm (NASDAQ:QCOM) after its board determined that Qualcomm's bid was likely to be deemed a "superior proposal" to Magna International's (NYSE:MGA) offer. The merger pact agreement with Magna remains in full effect and the Veoneer (VNE) board hasn't withdrawn or modified its recommendation that the Veoneer (VNE) vote in favor of the approving the deal, according to a statement yesterday. Qualcomm last week started a bidding war with Magna (MGA) for Veoneer (VNE), offering $37/share for the company, above Magna's original $31.25 deal.  Magna International CEO said Friday the company is considering next step after the Qualcomm (QCOM) bid, though he cautioned that he will remain "disciplined."  Qualcomm (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.  A Keybanc analyst last week said Magna (MGA) was unlikely to match Qualcomm's (QCOM) bid.  Magna has a "limited" ability to

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Veoneer to enter talks with Qualcomm after saying offer likely to be superior to Magna