Qualcomm Gets Only Half of Shares Targeted in Dutch Auction
August 28 2018 - 8:37AM
Dow Jones News
By Colin Kellaher
Qualcomm Inc. (QCOM) on Tuesday said its modified Dutch auction
for $10 billion of common stock only met half of its target.
The San Diego chip maker said about 76.2 million shares were
tendered at or below the purchase price of $67.50. The company said
it will buy all of the shares for about $5.1 billion.
Qualcomm in July launched the $10 billion tender offer, which
expired on Monday, as part of a $30 billion stock repurchase
program its board authorized after the company scrapped its bid to
buy NXP Semiconductors NV (NXPI).
The company has said it plans to complete the majority of the
$30 billion in buybacks by the end of fiscal 2019.
Shares of Qualcomm rose 2.1% to $68.75 in premarket trading on
Tuesday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 28, 2018 08:22 ET (12:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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