Broadcom Raises Offer for Qualcomm to Over $121 Billion

Broadcom Ltd. sweetened its takeover offer for Qualcomm Inc. in a deal that would be worth more than $121 billion, turning up the pressure on the target in what would be the largest-ever technology deal.

Broadcom said Monday it would pay $82 a share in cash and stock, up from its initial offer in November of $70 a share in cash and stock, or $105 billion. Broadcom said the revised bid—its “best and final offer”—represents a 50% premium to Qualcomm’s share price on Nov. 2, before news of an expected bid emerged. The cash portion...