STOCKHOLM — Automotive tech provider Veoneer Inc. on Tuesday caught to its suggestion in favor of Magna Worldwide Inc.’s acquisition bid after receiving an up to date, non-binding supply from Qualcomm.

The Swedish firm has develop into a beautiful takeover goal as its experience in making superior driver help methods suits within the plan for each Qualcomm and Magna in cornering a share in a rising enterprise.

Qualcomm on Monday made a proper $37 (all figures in USD) per share bid for Veoneer according to the supply introduced final month and above Magna’s unique $31.25 per share supply.

Qualcomm final month provided $4.6 billion to purchase Veoneer, an 18.4 per cent premium to a July bid value round $3.8 billion by Canada’s Magna that had already been accepted by Veoneer’s board.

Regardless of the larger price ticket from Qualcomm, Veoneer stated its merger settlement with Magna stays “in full drive and impact” and the corporate’s board has not withdrawn its suggestion favoring a take care of Magna.

The corporate will, nonetheless, nonetheless have interaction in negotiations with Qualcomm.

“There will be no assurances that Veoneer’s discussions with Qualcomm will end in a transaction that the Veoneer board of administrators determines is superior to Veoneer’s pending transaction with Magna,” the Swedish agency stated in a press release.

Veoneer’s New York-listed shares fell one per cent in prermarket buying and selling on Tuesday.

Magna ranks No. 4 on the Automotive Information checklist of the highest 100 world suppliers with worldwide gross sales to automakers of $32.6 billion in 2020.