Today’s Research Reports on Stocks to Watch: Marvell Technology Group and QUALCOMM
NEW YORK, NY / ACCESSWIRE / November 21, 2017 / Marvell Technology hit a new high on Monday after the company announced it has agreed to purchase Cavium in a deal valued at $6 billion. According to the company the deal would create an "infrastructure solutions powerhouse." Shares of Qualcomm also had a modest close in the green as Qualcomm investors made it clear that Broadcom needs to offer at least $80 a share for the company.
RDI Initiates Coverage on:
Marvell Technology Group Ltd.
http://www.rdinvesting.com/report/?ticker=MRVL
QUALCOMM Incorporated
http://www.rdinvesting.com/report/?ticker=QCOM
Marvell Technology Group Ltd. shares closed up 6.41% on Monday and hit a brand new high of $21.81 after the Bermuda-based company announced that it will be buying California-based Cavium in a deal valued at $6 billion. As part of the deal, Marvell will acquire all outstanding shares of Cavium common stock in exchange for $40 a share in cash and 2.1757 Marvell common shares for each Cavium share. CEO Matt Murphy stated, "This is an exciting combination of two very complementary companies that together equal more than the sum of their part. This combination expands and diversifies our revenue base and end markets, and enables us to deliver a broader set of differentiated solutions to our customers." Marvell's acquisition of Cavium is subject to shareholder and regulatory approval and is expected to be completed by mid-2018.
Access RDI's Marvell Technology Group Ltd. Research Report at:
http://www.rdinvesting.com/report/?ticker=MRVL
QUALCOMM Incorporated shares closed down a modest 0.37% on Monday with nearly 10 million shares traded. The company has been making many headlines recently since Broadcom made an unsolicited offer for the company at $70 a share, or a $130 billion buyout. San Diego-based Qualcomm rejected the bid. In its formal rejection, the company said that Broadcom's offer "dramatically undervalues" the company. According to the latest update on this, Bloomberg's Ed Hammon reported that Qualcomm investors want at least $10 more a share, which would mean an $80 a share offering. Daniel O'Keefe, a fund manager for Qualcomm shareholder Artisan Global, "We would be very interested in evaluating an offer that begins with an 8. The board should urge Broadcom to come back with a higher bid." CEO Ross Gerber of Gerber Kawasaki Wealth & Investment Management, stated, "Qualcomm is worth a lot of money over time and the [opening] bid doesn't accurately value the company. You have to pay a price that the board cannot justify leaving."
Access RDI's QUALCOMM Incorporated Research Report at:
http://www.rdinvesting.com/report/?ticker=QCOM
Our Actionable Research on Marvell Technology Group Ltd. (NASDAQ: MRVL) and QUALCOMM Incorporated (NASDAQ: QCOM) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
