Broadcom is not giving up on its efforts to buy rival US chipmaker Qualcomm, trimming its offer but also pledging to add back to it if Qualcomm’s own efforts to buy Dutch company NXP Semiconductors fall through.

Broadcom said on Wednesday said that in light of Qualcomm’s higher bid for NXP, it is now prepared to offer Qualcomm shareholders a total of $79 a share. Its previous “best and final offer” for Qualcomm was $82 a share, from the initial $70 a deal Qualcomm shareholders were offered in November.

Qualcomm has said it would be open to new discussions with Broadcom that reflect its “true value”, but it has rebuffed the series of offers, arguing they are too low and did not compensate for regulatory risks that could yet derail the massive tech tie-up.

The latest proposed deal would be sweetened by $3 cash per Qualcomm share if Qualcomm fails to seal the deal for NXP, according to a statement. The rest of the terms of the proposed deal remain unchanged, including an $8bn reverse termination fee that Broadcom would pay Qualcomm if the deal does not receive regulatory approval.

The move comes after Institutional Shareholder Services, an influential proxy adviser, said that the US company should negotiate a deal with Broadcom and called into question the company’s current business model.

Broadcom said in the statement:

Broadcom believes that a responsible Qualcomm board could have preserved value by following ISS’s clear recommendation to work with Broadcom on the NXP transaction and negotiate the sale of Qualcomm to Broadcom. Instead Qualcomm’s board acted against the best interests of its stockholders by unilaterally transferring excessive value to NXP’s activist stockholders.

Despite this direct value transfer, Broadcom remains committed to delivering a value-maximising offer to Qualcomm stockholders.

Qualcomm shares are down about 0.6 per cent in pre-market trading.

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