Qualcomm Drops $43 Bn Bid For Dutch Chip Rival NXP

US computer chip giant Qualcomm dropped a $43 billion bid to acquire Dutch rival NXP on Thursday after failing to win approval from antitrust authorities in China.

Washington, (APP - UrduPoint / Pakistan Point News - 26th Jul, 2018 ) :US computer chip giant Qualcomm dropped a $43 billion bid to acquire Dutch rival NXP on Thursday after failing to win approval from antitrust authorities in China.

"Qualcomm River Holdings has terminated its previously announced cash tender offer to acquire all of the outstanding shares of NXP," the company said in a statement, referring to a wholly owned subsidiary of Qualcomm.

Qualcomm said it would pay NXP a $2 billion Dollar break-up fee. Its board has also authorized a $30 billion stock repurchase plan.

The California firm ended its effort when the bid expired at 11:59 pm Eastern time (0359 GMT Thursday).