Veoneer Inc. said Sunday it would start talks with chipmaker Qualcomm Inc. after its offer for the Swedish auto parts maker last week topped a rival bid by Magna International Inc.
Qualcomm's offer could "reasonably be expected to result in a 'Superior Proposal', as defined under the terms of Veoneer's merger agreement with Magna," the auto tech company's board said in a statement.
"As a result of the Board's determination, Veoneer may under the terms of the Merger Agreement engage in discussions with Qualcomm based on the Qualcomm Proposal and Veoneer intends to do so."
