By Colin Kellaher

Qualcomm Inc. on Thursday said it has offered to buy Veoneer Inc. for $37 a share, or $4.6 billion, in cash in a bid to upend the safety supplier's deal to be acquired by auto-parts giant Magna International Inc.

The San Diego chip maker's bid represents an 18.4% premium to the $31.25 a share Magna has agreed to pay for Stockholm-based Veoneer.

Qualcomm's offer also represents an 85.6% premium to Veoneer's July 22 closing price of $19.93, before the Magna deal was announced.

Qualcomm said its offer has no financing conditions, noting that it would fund the transaction with existing cash resources. The company said it is ready to begin a focused due-diligence process that it expects to be able to complete in short order.

Shares of Veoneer, which closed Wednesday at $31.25, jumped more than 22% to $38.30 in premarket trading Thursday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 05, 2021 09:40 ET (13:40 GMT)

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