Qualcomm reportedly target of foreign takeover bid

SAN DIEGO -- San Diego-based Qualcomm Inc. is the target of an unsolicited takeover bid by Broadcom Ltd., a semiconductor company based in Singapore, according to multiple media reports Friday.

An offer of $70 a share in cash and stock for the maker of technology for mobile devices could be coming in a matter of days, perhaps as soon as this weekend, the reports said.

Like Qualcomm, Broadcom is a major supplier of parts of Apple products. Qualcomm and Apple have been embroiled in a dispute over royalties that has landed the two corporations in court.

Both firms have been in the news the last few days.

Qualcomm reported a plunge in net earnings for the fourth quarter of its fiscal year, to $168 million, or 11 cents per diluted share, compared to $1.6 billion, or $1.07 per diluted share, in the same period in 2016. For the full fiscal year, net income was $2.47 billion, or $1.65 per diluted share, compared to $5.7 billion, or $3.81 per diluted share, last year.

Broadcom, meanwhile, announced it would return its corporate headquarters to the U.S., in San Jose.

The impact of a takeover on San Diego wasn't immediately clear, but it could be tremendous. Qualcomm is one of the few major corporations with a global reach to be headquartered in a city known mainly for tourism, and smaller defense and life sciences firms.

The company is one of the region's largest private employers, and the family of co-founder Irwin Jacobs is one of the area's most generous philanthropists.