By Colin Kellaher 
 

Qualcomm Inc. (QCOM) on Tuesday said its modified Dutch auction for $10 billion of common stock only met half of its target.

The San Diego chip maker said about 76.2 million shares were tendered at or below the purchase price of $67.50. The company said it will buy all of the shares for about $5.1 billion.

Qualcomm in July launched the $10 billion tender offer, which expired on Monday, as part of a $30 billion stock repurchase program its board authorized after the company scrapped its bid to buy NXP Semiconductors NV (NXPI).

The company has said it plans to complete the majority of the $30 billion in buybacks by the end of fiscal 2019.

Shares of Qualcomm rose 2.1% to $68.75 in premarket trading on Tuesday.

 

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

 

(END) Dow Jones Newswires

August 28, 2018 08:22 ET (12:22 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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