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Aug. 5, 2021, 9:18 a.m. EDT

Veoneer stock soars after Qualcomm announces buyout bid that tops Magna's offer by 18%

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By Tomi Kilgore

Shares of Veoneer Inc. /zigman2/quotes/201084443/composite VNE -1.38% soared 22.1% toward a three-year high in premarket trading Thursday, after Qualcomm Inc. /zigman2/quotes/206679220/composite QCOM -0.63% disclosed that it has offered to buy automotive safety electronics company for $37 a share, which is 18% above the Magna International Inc.'s /zigman2/quotes/204433886/composite MGA -2.41% /zigman2/quotes/204160084/delayed CA:MG -1.77% already agreed-upon buyout bid of $31.25. Qualcomm's stock slipped 0.5% ahead of the open while Magna shares gained 1.7%. Qualcomm's all-cash bid, which comes nearly two weeks after Magna and Veoneer agreed on a merger, implies a market capitalization for Veoneer of $4.14 billion. "The proposed acquisition will bring together our industry-leading automotive solutions with Veoneer's assisted driving assets to deliver a competitive and open ADAS platform to automakers and Tier 1 suppliers at scale," said Qualcomm Chief Executive Cristiano Amon. Qualcomm said its bid for Veoneer has been unanimously approved by its board of directors and does not require shareholder approval. Veoneer's stock has rocketed 199.3% over the past 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.70% has gained 32.3%.

/zigman2/quotes/201084443/composite
US : U.S.: NYSE
$ 34.21
-0.48 -1.38%
Volume: 1.02M
Sept. 20, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.88 billion
Rev. per Employee
$182,023
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/zigman2/quotes/206679220/composite
US : U.S.: Nasdaq
$ 132.76
-0.84 -0.63%
Volume: 9.65M
Sept. 20, 2021 4:00p
P/E Ratio
16.59
Dividend Yield
2.05%
Market Cap
$150.70 billion
Rev. per Employee
$573,927
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/zigman2/quotes/204433886/composite
US : U.S.: NYSE
$ 74.21
-1.83 -2.41%
Volume: 1.46M
Sept. 20, 2021 4:00p
P/E Ratio
10.27
Dividend Yield
2.32%
Market Cap
$22.82 billion
Rev. per Employee
$206,816
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/zigman2/quotes/204160084/delayed
CA : Canada: Toronto
$ 95.09
-1.71 -1.77%
Volume: 1.20M
Sept. 20, 2021 4:25p
P/E Ratio
10.25
Dividend Yield
2.28%
Market Cap
$29.10 billion
Rev. per Employee
$277,403
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/zigman2/quotes/210599714/realtime
US : S&P US
4,357.73
-75.26 -1.70%
Volume: 2.60B
Sept. 20, 2021 5:09p
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