Broadcom has cut its offer in the hostile takeover bid for rival chipmaker Qualcomm from $121bn to $117bn.
The move followed Qualcomm’s own increased bid for Dutch firm NXP Semiconductors.
Broadcom’s previous offer for Qualcomm of $82 per share was tied to Qualcomm buying NXP at $100 per share.
Broadcom said its reduced offer price of $79 per share was the result of the higher bid for NXP of $127.50 per share.
A crunch meeting of Qualcomm shareholders on 6 March will vote on Broadcom nominees to the Qualcomm board, as part of the high-stakes takeover battle.
Qualcomm has written to Broadcom shareholders urging them not to vote for the proposed board members at the AGM, citing “significant regulatory issues” with the takeover offer.
It said a Broadcom takeover would raise “significant regulatory and national security risks”.