Broadcom has adjusted its bid for Qualcomm after the latter upped its own offer for NXP.

It has made a renewed offer of $79 per share hot on the heels of Qualcomm's increased offer for NXP of $127.50, up from $110.

Read more: Merger and acquisition values shot to £86bn last quarter in "sizeable" rise

The new Broadcom offer is less than the $82 per share "best and final" offer at the start of February but would rise to that if Qualcomm's NXP bid is not successful.

Qualcomm has rebuffed Broadcom's takeover attempt, saying that it "materially undervalues" the business, but said it was "intensely focused" on maximising shareholder value, including via a sale, and that it is open to discussions with Broadcom.

The takeover, if agreed, would be the biggest tech deal in history.

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