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

Shares of Veoneer Inc. VNE, +26.34% soared 22.1% toward a three-year precocious successful premarket trading Thursday, aft Qualcomm Inc. QCOM, -2.00% disclosed that it has offered to bargain automotive information electronics institution for $37 a share, which is 18% supra the Magna International Inc.'s MGA, +1.07% MG, +0.65% already agreed-upon buyout bid of $31.25. Qualcomm's banal slipped 0.5% up of the unfastened portion Magna shares gained 1.7%. Qualcomm's all-cash bid, which comes astir 2 weeks aft Magna and Veoneer agreed connected a merger, implies a marketplace capitalization for Veoneer of $4.14 billion. "The projected acquisition volition bring unneurotic our industry-leading automotive solutions with Veoneer's assisted driving assets to present a competitory and unfastened ADAS level to automakers and Tier 1 suppliers astatine scale," said Qualcomm Chief Executive Cristiano Amon. Qualcomm said its bid for Veoneer has been unanimously approved by its committee of directors and does not necessitate shareholder approval. Veoneer's banal has rocketed 199.3% implicit the past 12 months, portion the S&P 500 SPX, +0.34% has gained 32.3%.