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1. 'People' semiconductor M & A Trader Broadcom CEO Hock Tan;
When Broadcom CEO Hock Tan appeared in public for a very rare occasion for the site of U.S. President Trump, shouting a U.S. dream and announcing his move to Singapore from Singapore to Broadcom, no one thought of an offer to Qualcomm Acquisition, shock technology industry.
After a formal rejection by Qualcomm's board of directors on Nov. 13, Broadcom still wanted to 'overpower the bow' and insisted on acquiring Qualcomm, Hock Tan said in a statement that the merger of the two exchanges will create a strong global company with existing The takeover offer is attractive to Qualcomm shareholders, whose response encourages us.
Hock Tan, 65, with a thick Southeast Asian accent, has seen himself rarely on public occasions, speaks slowly, looks friendly, but is a fierce capital predator.
Broadcom CEO Hock Tan
Known as the fiercest M & A trader in the global semiconductor industry in recent years, he has acquired several larger companies in succession in just a few years and led AvagoTechnologies' revenue and share prices more than fivefold After joining Broadcom, Anwar Googol jumped from No. 17 in the previous year to No. 5 in qualifying for the semiconductor industry under the name 'New Broadcom.'
Unlike the technology-focused Chinese of NVIDIA's Jen-Hsun Huang, AMD's Su Tzu Fung and TSMC's Zhang Zhongmou, the Malaysian Chinese, whom financial magazine calls financial geeks, set up its own semiconductor empire through capital operations.
But Hock Tan, who holds a BS and MS degree in mechanical engineering from MIT and holds an MBA from Harvard Business School, also has his own opinion on the semiconductor industry. He believes the semiconductor industry is mature and the semiconductor industry is expected to grow over the next decade Will enter the process of integration from horizontal to vertical integration.
Crazy M & A history
With a series of capital operations, Hock Tan continued to acquire larger semiconductor companies for several years, making Broadcom a giant in the semiconductor industry.
He commented himself at the 2015 HGM Gala Dinner, 'I'm not a semiconductor, but I know how to make money and run'.
According to research by Gartner, an information technology research and advisory firm, Broadcom revenue was $ 13.22 billion in 2016, an increase of 191.1% from $ 4.543 billion in 2015. Among the top 25 semiconductor manufacturers with the largest global revenue in 2016, the rankings fluctuated the most Broadcom, whose market share climbed from 12 places in 2015 to 17 places in the world, ranking fifth in the world.
But it is clear that Hock Tan ambitions more than that.On Nov. 6, the American communications semiconductor chip company Broadcom formally submitted an offer to Qualcomm, the transaction total more than 130 billion US dollars, if successfully completed, will be the largest in the history of the semiconductor M & A case.
While giving the offer to Qualcomm, HockTan, at the helm of Broadcom, mentions in a letter to QUALCOMM's board that the takeover offer is extremely attractive to shareholders and investors in both companies, and in particular to Qualcomm shareholders Brought the stock market gains.Butong said the higher the purchase price of 54.84 dollars on November 2 closing price premium of 28%.
Qualcomm investors prospectus shows that if Broadcom and Qualcomm merger, revenue will reach 51 billion US dollars.No matter Qualcomm and NXP's acquisition case is reached, once the merger, will become the world's third largest semiconductor company, only For Intel and Samsung.
The acquisition of Qualcomm, Hock Tan apparently prepared, he said in a statement, 'We believe that global customers will be happy to see the merger, or we will not launch the tender offer.' For the antitrust investigation, Hock Tan is also confident that we expect the related antitrust or other regulatory issues will not extend the normal timeframe for this type of transaction. "Broadcom said the previously announced headquarters relocation plan further adds to transactional certainty.
It should be noted that the current semiconductor chip company Broadcom is acquired by Avago after Broadcom in 1971, Hock Tan to the United States Massachusetts Institute of Technology (MIT) to study as a semiconductor solutions company ICS CEO, ICS Sold to Silicon Valley Semiconductor Integrated Device Technology and entered IDT.
Avago's history goes back to Hewlett-Packard's components division, which was established in 1961. Hewlett-Packard split the business into Agilent Technologies in 1999. By 2005, Agilent again became part of the semiconductor division Anwar High, which sold $ 2.66 billion to private equity funds KKR and Silver Lake Capital, later invited Hock Tan as Anwar's CEO. In 2009, he led Avago's successful NASDAQ listing and went On the road to rapid expansion of its semiconductor chip business through mergers and acquisitions.
In December 2013, Avago announced a $ 6.6 billion, 41% premium in cash acquisition of storage chip maker LSICorp (LSI) to strengthen its position in the enterprise storage market, when Anwar was not well known in the field The acquisition of the required funds of 1 billion US dollars for Owen high own funds, 1 billion US dollars provided by Silver Lake Capital, there are 46 billion US dollars from a number of bank loans, of which the injection of Silver Lake 7-year convertible Bonds in the form.
In 2015, Avago announced a $ 37 billion acquisition of established chip company Broadcom, including $ 17 billion in cash and $ 20 billion of shares, was also the semiconductor industry's largest acquisition of the time the two companies merged, the new company will be renamed Broadcom Limited (Broadcom Ltd.) For the transaction, Avago raised $ 9 billion in bank financing with cash and shares in hand.
Broadcom was the world's largest maker of WiFi chips at the time, with Broadcom making $ 8.4 billion in revenue in 2014, much higher than the $ 4.27 billion it had at that time, and $ 37 billion being $ 36.3 million more than Avago Of the market value of high after the acquisition is completed, the new company followed the 'Broadcom' name, the stock code is still AVGO, the original Broadcom shares delisted.
Hock Tan did not stop, and within a year, under its leadership, New Broadcom announced a $ 5.9bn acquisition of Brocade, a US data center network provider, at which time it expects to pass new debt financing and cash To provide financing for the transaction since the announcement of the acquisition of Broadcom intention, the U.S. Foreign Investment Commission (CFIUS) at least three postponed for approval on the ground of endangering national security.Analysts said Broadcom in early November announced the headquarters of the business operations back to the United States in order to Shortly after Broadcom announced its move to move the headquarters back to the United States, Nov. 17, Broadcom officially announced the completion of its acquisition of network equipment maker Brocade.
Under Hock Tan's leadership, Avwar shares skyrocketed from more than $ 270 in the 2009 IPO to more than $ 270.
Capital trader
Hock Tan, in the eyes of many, trades more aggressively than its own, and when he decides to acquire a company, he has already thought about what to sell later, how much he can sell, what he can sell What kind of person.After the transaction is completed, immediately reorganization, decisive to sell non-core business and layoffs, focused on improving the company's profitability.
'From the acquisition of Broadcom go through the record, it is not difficult to see the impact of capital for the chip market for all listed chip companies, after all, shareholders or investors still have to explain to see not only revenue, as well as profit and EPS And other performance, these are shareholders and investors are interested. 'Semiconductor Research Institute Tuo Chi Industrial Institute analyst Yao Jiayang told First Financial said.
A resigning Broadcom employee told CBI reporter that two years ago, after Avago swallowed up Broadcom, the original "non-profitable" public relations departments were all laid off. The principle followed in the process is to make money, cut off the business losses, and hope to sign long-term contractual relationship with customers. '' Hock Tan bought Broadcom 25% direct price, if customers do not agree to out of stock. Huawei such a large Customers are also required to place their demand in the coming year ahead of schedule in order to guarantee the availability of the old price. "The departing employee disclosed to First Financial.
One vendor who has served Broadcom confirms the above assertion that after the acquisition of Broadcom by Anwar High ended their order for Broadcom's brand, in addition to the technical industry communications, the new Broadcom has seldom reappeared In the public view, 'Old Broadcom, when many executives in Greater China were also replaced, including some business units,' the supplier said.
In Hock Tan several mergers and acquisitions, there are always a number of consortia around him.In the tender offer for Qualcomm, Broadcom said it has received from Bank of America Merrill Lynch, Citibank, Deutsche Bank, JPMorgan and Morgan Stanley To a "high confidence letter" that will provide the debt financing necessary for the transaction.
Silver Lake Partners, a private equity firm, also provided a $ 5 billion convertible debt commitment to Qualcomm Inc. Silver Lake is one of Broadcom's existing shareholders, Strength has played a key role.
The Broadcom employee said to First Financial Corp. Broadcom's ally KKR has not been publicly announced. However, in the case of semiconductor mergers and acquisitions, the strength of the famous U.S. private equity fund should not be underestimated. Some even joked that Hock Tan was Is KKR's 'Spokesperson' in the semiconductor industry.
Wang Yanhui, secretary-general of China Mobile Alliance, believes that the case of "Double-Purchase" is a reproduction of Broadcom acquired by Anwarch. Although Anwar is small, its profitability is far stronger than that of Broadcom, and the acquisition seems unreasonable. In fact, Normal.He said that from the capital market point of view, the probability of success of the dual-pass case is still great, after all, the acquisition represents the will of the majority of shareholders or capital.
John Wayne, managing director of Key Banc Capital Markets, said in a report that Broadcom's acquisition of Qualcomm is tantamount to 'an impressive masterpiece in financial engineering.'
From 'skinny' to the White House seating guests
Hock Tan, 65, was born in Penang, a Chinese enclave in Malaysia.
Hock Tan, a 18-year-old Hinton, went to Massachusetts Institute of Technology (MIT) in 1971 to study at the time when he arrived in the United States, but at that time he was unable to afford to study in the United States Highly expensive, thanks to MIT scholarships; then, he also received an MBA at Harvard University.
At the White House's Trump awards, Hock Tan said: 'My mother never imagined that one day her son would be at the White House, at the Presidential Office, next to the President of the United States.' And after he finished saying it When, behind him, Trump clutched his shoulder and said, 'My mom is, too.' Hock Tan also talked about the American education system on the spot and gave him the chance to realize his American dream.
He said that in the past few years, the U.S. policy has made it difficult for many enterprises to make global market more difficult. Globalization of the intellectual property rights of some outstanding enterprises and some left the United States, while Trump's substantial tax cuts have improved the business environment, So that the United States 'once again become the best place to lead the global business.' He called himself an American, and the immediate owner of Broadcom, the board of directors and more than 90% of the shareholders are American, 'So we announced that we want Broadcom to go home' , The Broadcom headquarters back from Singapore to the United States.
Hock Tan and wife Lisa Yang
However, apart from tax reasons, some analysts said the move was also aimed at smoothing the Broadcom acquisition of Boca .. The regulatory hurdle set by Trump after taking office made it increasingly difficult for companies outside of the United States to acquire U.S. businesses. Becoming a U.S. company, Broadcom can circumvent related censorship.Markeriesacco, analyst at Jefferies & Co., said: "This decision stems from Broadcom's strategy of seeking mergers and acquisitions and the harder politics of overseas companies acquiring U.S. companies reality.
However, Hock Tan is grateful for his alma mater MIT.
According to the MIT website, in February 2017, Hock Tan and his wife Lisa Yang (former investment bankers) donated more than $ 20 million to the MIT McGovern Institute for Brain Research to establish Autism Research He and his wife have a total of three children, two of whom have autism.
Hock Tan said: 'I am excited to invest in an organization that values multidisciplinary collaboration to solve complex issues such as autism.'We expect that research from our center will have a major impact on the autistic population. '
Kenneth Hao, Silver Lake's Managing Director and Managing Partner, once commented Hock Tan: 'He has the unique ability to run a big business as if it were a small business.' And anyone who worked with Hock Tan also said that in addition to working In addition, he rarely spend time in other areas, like to use the results to explain everything.
The vertical integration period is coming
Some semiconductor investors on the first financial reporter said that at present the world, the semiconductor industry's growth rate is very low, so companies in this process must take the integration path, 'so simple and crude capital, we should PE (price-earnings ratio) , Revenue, profits have been doing ', squeezing each other, business growth is slow, then think of ways to mergers and acquisitions,' so I think Anwar Buy Broadcom, Qualcomm acquisition of Qualcomm is the capital feast if I stand in this Seat, this ability must also go play this matter (M & A).
Bertone's response also reveals a high level of confidence in its lines, and Broadcom said that Moelis & Company LLC, Citibank, Deutsche Bank, JP Morgan, Merrill Lynch and Morgan Stanley are all Broadcom financial advisors and are represented by Wachtell, Lipton , Rosen & Katz (a world-class law firm) and Latham & Watkins LLP (Raytheon International).
According to a recent report released by the Semiconductor Industry Association (SEMI), the M & A transactions of semiconductor companies in 2015 exceeded 600 billion U.S. dollars, which may be 116 billion U.S. dollars and 93 billion U.S. dollars in 2017 respectively. These mergers and acquisitions are mainly In the mature market to increase the scale and competitiveness.
SEMI said it expects to complete 12 transactions in the global semiconductor industry worth more than 93 billion U.S. dollars in 2017. The largest M & A deal for 2017 acquisition is expected to be a $ 47 billion deal between Qualcomm and NXP Semiconductors.
However, if the deal between Broadcom and Qualcomm is completed, the scale of M & A transactions in 2017 will far exceed the Association's forecast.
Shortly before the tender offer to Qualcomm, HockTan talked about the M & A trend in the semiconductor industry at the 30th anniversary of TSMC, saying that the demand for semiconductor industry grew by more than 30% annually in the 1980s and 1990s, Now a year's growth rate of less than 5%, and GDP growth rate is almost the semiconductor industry to early investors over-remuneration, or call the industrial gold rush has ended.
In addition, from the structural point of view, in the 1980s, small start-up companies entered the semiconductor industry. The 1990s started to go public and the small mergers and acquisitions. By 2000, horizontal mergers and large-scale transactions had taken place and the growth rate of the semiconductor industry had dropped. The next decade, the trend of mergers and acquisitions in the semiconductor industry, will be from horizontal mergers and acquisitions to vertical integration of upstream and downstream mergers and acquisitions, the future of the semiconductor ecosystem will become more and more important.
2. Broadcom to develop a list of new Qualcomm malicious hostile acquisitions to be staged?
SAN FRANCISCO, Nov. 28 (Xinhuanet) - Broadcom is currently finalizing a list of candidates to replace all members of Qualcomm's board of directors, CNBC today quoted people familiar with the matter as CNBC said on the evening of November 28.
Qualcomm director candidate nomination deadline is this year's December 8. At present, the Qualcomm board of directors has 11 directors, informed sources, Broadcom director nomination list will be submitted next week.
Broadcom proposed to buy Qualcomm for $ 70 a share in cash and stock on Nov. 6 with a total transaction value of about $ 130 billion and if the deal is completed, it will become the largest M & A deal in the semiconductor industry ever.
On November 13, Qualcomm announced that the company's board of directors has rejected the offer made by Broadcom on November 6. Qualcomm executive chairman Paul Jacobs said: "The board of directors agreed that Broadcom's offer was underestimated Qualcomm's value. '
In this regard, Broadcom did not give up.A few hours after Qualcomm issued a statement, Broadcom quickly responded that the company is still committed to the acquisition of Qualcomm, and Broadcom shareholders are very interested in the deal.
Some analysts believe that Broadcom acquisition of Qualcomm is determined to win, so the offer may be raised to 80 US dollars per share or 90 US dollars.
In addition, there are reports that Broadcom is considering raising the purchase price after negotiating with several Qualcomm major shareholders, specifically, maintaining the cash portion of the purchase price and raising the quotation of the share portion.
At the same time as Boeing raised its offer, Broadcom may also get a seat on the board of directors of Qualcomm by launching a proxy battle to get Qualcomm's board to back the offer.
People familiar with the matter said Broadcom plans to submit Qualcomm director nominees shortly after the nomination of its Qualcomm director candidate on December 8 so that Qualcomm shareholders can elect Broadcom-nominated directors at a shareholders' meeting on March 6, 2018.
Currently, Qualcomm's equity structure is relatively decentralized.In addition, the Qualcomm and Broadcom's top 25 shareholders, there are 17 coincidence, which will also be Broadcom won the proxy battle to provide the opportunity.Of course, even after the pass Qualcomm, The deal also faces regulatory antitrust scrutiny.
3.Siemens acquires Solido Design Automation to enhance its commitment to the IC market;
In a deal, Siemens has signed an agreement to acquire Solido Design Automation, a Saskatoon-based company in Canada, a leading supplier of change-aware design and feature extraction software to global semiconductor companies. Currently, more than 40 major companies have used Solido's machine learning products in their production to enable them to design, validate and manufacture more competitive products than ever before. The acquisition of Solido will further expand Mentor's analog / mixed-signal AMS) verification product family to help customers address the growing challenges of IC design and verification in applications such as automotive, communications, datacenter operations, networking, handsets and the Internet of Things. The terms of the transaction have not been disclosed. Completion of the transaction in early December.
"When we acquired Mentor, we made a significant commitment to EDA," said Tony Hemmelgarn, president and CEO of Siemens PLM Software. "The new acquisition of Solido will reinforce our position while demonstrating our dedication to Commitment to serving IC industry customers. '
'Solido has become our valued partner to help our customers address the impact of change, improving IC performance, power consumption, area and yield.' 'Amit Gupta, Founder, President and Chief Executive Officer, Solido Design Automation "By combining our technology solutions with Mentor's outstanding IC performance and market reach, we are able to provide a world-class solution for the semiconductor industry in a wider range of areas. In addition, our engineering solutions and expertise We are also excited about the application of knowledge to machine learning that contributes to Siemens' broader digital strategy. "
Variability-aware design and feature extraction have been the foundation for developing modern semiconductor products with the best power, performance, and cost. When designing dedicated analog, mixed-signal, memory, and standard cell circuits for today's complex applications , Validation software needs to deliver simulation results with high confidence levels while avoiding analytical methods that consume a significant amount of time and resources Proven that Solido's unique machine-learning-based variation-aware design and feature extraction software The required level of confidence can be achieved, as well as significantly reducing time and resources and presenting unmatched data visualization.
"The combination of Solido and Mentor's leading analog mixed-signal circuit verification products creates the industry's most powerful solution portfolio to address today's IC circuit verification challenges," said Ravi Subramanian, vice president and general manager, IC Verification Solutions, Mentor Corporation. 'Solido joined Mentor at a critical time, and getting a big company such as Siemens into EDA is a true winning and winning rule for us.'
Siemens PLM Software, a division of Siemens Digital Factory Division, is the world's leading provider of software solutions dedicated to driving industrial digital transformation and creating new opportunities for manufacturers to innovate. "Siemens PLM Software, headquartered in Texas Plano, with over 140,000 customers worldwide, works with companies of all sizes with a view to changing the way in which creative production, the way products are made, and the use and understanding of operating products and assets.
4. Intel 9th generation Core Duo processor with the advent of the new chipset, launched in the second half of next year
Intel (Intel) 8th generation Core Duo processor did not come out how long, there have been 9th generation Core Duo processor news.According to foreign reports, Intel's 9th generation Core Duo processor is likely to be equipped with motherboard Z390 chipset together According to Intel's motherboard chipset development roadmap, it is estimated Z390 motherboard will not wait until the second half of 2018, and did not say it is the third or fourth quarter of publication, it is estimated that the date of the official publication should be There is still a short period of time.
According to supply chain news, the 9th generation Core i7 will be upgraded from 6-core 12-thread to 8-core 16-core. Core i5 will join Hyper-Threading technology, from 6 core 6 threads, upgrade to 6-core 12 threads. Core i3 part , There are two widely divergent specifications, some of which also incorporate Hyper-Threading technology such as the Core i3-93xx model, which is still a 4-core, 4-thread model.
▲ Intel Chipset Roadmap.
There are currently two Core i3 specifications, including Core i3-83xx model L3 cache 8MB capacity, Core i3-81xx model L3 cache is 6MB capacity, which is the continuation of previous generations of product specifications.However, L3 cache capacity The performance difference caused by the size is not obvious, easy to be ignored, so we do not pay attention.Overall, the 9th generation Core Duo processor specification can be said to be fully aligned to AMD's Ryzen processor.
The 9th-generation Core Duo processor codename, the report further states that since the 9th-generation desktop Core i processor, the new addition to Coffee Lake, is the 14-nanometer ++ Coffee Lake Refresh version, Probability is very small, unless Intel 10nm process technology dystocia, there will be 14nm + + process technology to produce the current Intel published news, 10nm process progress seems to be all the best.
There are also people in the industry believe that the 9th generation Core Duo processor code-named should be Cannon Lake, that is, the first generation of 10nm process technology products, not unfounded.After all, those not yet published 300 series motherboard chipset code is Cannon Lake PCH Prior to Intel in a public meeting also admitted that the first 10nm process technology performance is not as good as the current 14nm + + process technology, so it will have any effect on performance, it has become the focus of everyone's concern.
At present, the Cannon lake processor with 10nm process technology is designed for low-power consumption. The main products are mobile computers such as tablet computers and 2-in-1 laptops. Therefore, it is unlikely that the Cannon lake will appear on the desktop. The industry believes that the Intel 9th generation of Core Duo processor should be 10nm + process technology Ice Lake. However, the final correct information, or have to wait until Intel officially announced the count, and now can only look forward to the early arrival of this day.