Veoneer has confirmed that it intends to hold discussions with Qualcomm following Qualcomm’s bid to buy the company.

In a statement Veoneer said that Veoneer’s board of directors has determined that Qualcomm’s proposal to acquire Veoneer would reasonably be expected to result in a “Superior Proposal”, as defined under the terms of Veoneer’s existing merger agreement with Magna.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

It said the terms of the agreement with Magna enable it to engage in discussions with Qualcomm based on the Qualcomm Proposal and ‘Veoneer intends to do so’.

However, it also said the Magna Merger Agreement remains in full force and effect, and the board of directors of Veoneer has not withdrawn or modified its recommendation that the stockholders of Veoneer vote in favour of the approval of the merger.

A bidding war has apparently opened up between Qualcomm (offering $4.6bn) and Magna (offering $3.8bn), underscoring the value in advanced driver assistance systems (ADAS) technologies – seen by many as essential building blocks on the road to autonomous vehicles.

Veoneer also said in its latest statement that under the terms of the Magna Merger Agreement, prior to the receipt of the stockholder approval of the transaction, Veoneer may under certain circumstances terminate the Merger Agreement to enter into a transaction based on a competing proposal such as the Qualcomm Proposal. It added that any such action would require (i) that the competing proposal, after completion of any diligence and negotiation of transaction agreements, provide final, actual terms for a transaction that the Veoneer board of directors determines to be a superior proposal to the one set forth in the Merger Agreement, and (ii) that Veoneer comply with certain notice and other requirements set forth in the Merger Agreement, including the payment to Magna or its designee of a termination fee of $110 million.

See also:

https://www.just-auto.com/news/veoneer-board-to-evaluate-qualcomm-bid/

Just Auto Excellence Awards - Nominations Closed

Nominations are now closed for the Just Auto Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.

Excellence in Action
Continental has secured the Window Displays Innovation Award in the 2025 Just Auto Excellence Awards for its Window Projection solution, transforming side windows into dynamic, data-rich canvases. Discover how this compact projection technology and intelligent software are reshaping in-car UX and opening fresh revenue streams for OEMs and mobility providers.

Discover the Impact