AVGO - Why Broadcom Stock Inched Higher Today
2023-08-21 12:59:26 ET
Shares of semiconductor company Broadcom (NASDAQ: AVGO) gained 2.4% through 12:15 p.m. ET after the company provided an update on the status of its bid to acquire VMware (NYSE: VMW) Monday morning.
Specifically, Broadcom announced that it has received final approval from the United Kingdom's Competition and Markets Authority. This was the seventh country-level antimonopoly clearance Broadcom has secured. It has also received clearance from the European Union and foreign investment control clearance "in all necessary jurisdictions," said Broadcom.
According to Broadcom, all systems are go for the company to complete its acquisition of VMware as planned on Oct. 30. But not so fast.
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Why Broadcom Stock Inched Higher Today