THROW IN MORE CHIPS

Broadcom merger bet

As he angles to pull off the biggest tech merger of all time, Broadcom Chief Executive Hock Tan is meanwhile looking to scuttle Qualcomm’s $47 billion bid for NXP Semiconductors, The Post has learned.

The boss of the chip-making giant told shareholders of rival Qualcomm in recent days that Broadcom will sweeten its $130 billion buyout offer for Qualcomm if the latter abandons its pursuit of NXP, two sources close to the situation said.

Broadcom’s Tan is aware he will likely need to raise the price of his giant offer, worth $70 a share, to be successful, sources said.

But the Qualcomm board has refused to engage with Broadcom, and Tan is taking his message directly to leading Qualcomm shareholders in private meetings, according to insiders.

“Tan is messaging hard that he expects Qualcomm to be reasonable” when raising its NXP bid, one of the sources who has direct knowledge of the situation said.

Qualcomm’s $110-a-share offer for NXP expires Dec. 15. As of Nov. 17, only 2.4 percent of NXP shares had been tendered, and sources said Qualcomm likewise will need to raise its bid to complete any deal with NXP.

“Broadcom is happy with some parts of NXP, but that’s it,” a second source said. “They would prefer the NXP deal did not happen.”

Reuters reported Wednes- day that Broadcom is considering raising its bid for Qualcomm by offering more stock, causing Qualcomm shares to rise more than 2 percent, to $68.13, in Wednesday trading.

Qualcomm shareholders are signaling they want at least $80 a share, sources said.

Some insiders speculate Broadcom will offer $77 a share for Qualcomm without NXP and perhaps a few dollars less if Qualcomm pays a big price for NXP, the source said.

That puts Qualcomm CEO Steven Mollenkopf and his board in a tricky situation.

Qualcomm, which claims to have powered the smartphone revolution, does not want to sell to Broadcom, sources said.

“It is the board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the company’s leadership position in mobile technology and our future growth prospects,” Qualcomm Chairman Paul Jacobs said Nov. 13.

However, “if the Qualcomm board decides ‘we are going to lose [to Broadcom] no matter what,’ then it might be better not to raise their NXP offer” by much, or at all, so Qualcomm can fetch more in a sale, a source said.

Irvine, Calif.-based Broadcom is preparing to launch a hostile tender for San Diego, Calif.-based Qualcomm, along with a proxy battle to gain control of Qualcomm’s board, by Dec. 8, sources said.

“If I were Qualcomm, I would bid $120 for NXP and try to make it work,” the source said.

Broadcom and Qualcomm did not return calls.