Qualcomm announced Tuesday it has begun a $10 billion stock buyback to boost share prices after inaction by Chinese regulators doomed the company’s planned acquisition of Holland’s NXP Semiconductors.
The San Diego-based wireless pioneer said it would buy its stock at prices between $60 and $67.50 per share using a “modified Dutch auction” process through Aug. 27. The stock closed at $62.04 on Monday.
The company called the offer “an efficient mechanism to provide Qualcomm’s stockholders with the opportunity to tender all or a portion of their stock and thereby receive a return of some or all of their investment.”
The company said it’s the first step in a $30 billion stock repurchase program after inaction by Chinese regulators — likely in response to the Trump administration tariffs — ended Qualcomm’s nearly two-year effort to acquire NXP.
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