Qualcomm Bids $4.6 Billion for Veoneer in Battle With Magna (2)

Qualcomm Inc. offered to buy automotive technology company Veoneer Inc. for $4.6 billion, muscling in on Magna International Inc. after its bid for the supplier last month.

At $37 a share, Qualcomm is offering an 18% premium to Magna’s $31.25-a-share bid. Veoneer and Magna said last month their boards had unanimously approved what would have been a $3.8 billion deal. Qualcomm said in a statement Thursday that its all-cash offer wouldn’t require stockholder approval.

With Veoneer, Qualcomm would get firmer footing in the emerging market for driver-assistance technology. Crash-avoidance and hands-free driving have become a hotly contested battleground as automakers ...