News group Reuters reports that Broadcom could unveil a $120 billion offer in a fresh bid to buy Qualcomm, the world’s leading mobile chipmaker. The previous offer was for $60 per share in cash and $10 in stock. The new total might take that up to $80 to $82 per share, which puts the number just shy of $120 billion.

If the deal falls through because of regulatory approval not being granted, Broadcom plans to offer a higher price than the usual 3-4 percent of deal size. The acquiring company intends to replace Qualcomm’s board of directors with its own nominees at the March 6 shareholders meeting.

Reuters’ sources have warned that Broadcom CEO Hock Tan may change the terms at the last minute, and neither company has commented on the new development. After the last bid, which totaled $103 billion without assumed debt, Qualcomm’s argument to its shareholders was that Broadcom was trying to acquire the company in a hostile manner, and for an undervalued price.

It’s unclear whether or not an agreement will be reached, but the acquisition of Qualcomm will allow Broadcom to expand its 5G wireless offerings in a significant way, while giving it a much stronger position in the mobile chip market. Qualcomm currently provides SOCs to network carriers and OEM device manufacturers.

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