https://finance.yahoo.com/news/broadcom-cuts-qualcomm-offer-117-billion-nxp-deal-050136900--finance.html

A tie-up between Broadcom and Qualcomm would be the biggest technology acquisition ever. The takeover battle is at the heart of a race to consolidate the wireless technology equipment sector, as smartphone makers such as Apple Inc and Samsung Electronics Co Ltd use their market dominance to negotiate lower chip prices.

Broadcom said that Qualcomm's raised bid would amount to overpaying for NXP and cut its own bid as a result.