Qualcomm Board Unanimously Rejects $121 Billion Acquisition Offer From Broadcom

Qualcomm Board Unanimously Rejects $121 Billion Acquisition Offer From Broadcom

Qualcomm Board Unanimously Rejects $121 Billion Acquisition Offer From Broadcom

Qualcomm, based in San Diego, also said it had offered to meet with Broadcom, which has headquarters in Singapore and Irvine, Calif., to see if it could address the serious deficiencies in value and certainty in its proposal. In response, Broadcom nominated a slate of directors to replace Qualcomm's board.

The massive $121 billion merger would be the largest ever in the tech industry, and represents a 50 percent premium over the trading price of Qualcomm's shares in early November, when Broadcom first made overtures to acquire the company.

Specifically, Qualcomm wants to know if the latest bid submitted February 5 is the highest price Broadcom will offer and if the rival chipmaker will take whatever actions necessary to ensure the transaction closes.

That best and final offer amounted to $60 per share of all outstanding shares of Qualcomm and $22 per share in Broadcom stock.

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Qualcomm's response attempts to strike a balance between continued resistance of Broadcom's takeover attempt and heeding the calls of some Qualcomm shareholders, who urged the company in recent days to engage with its rival in case it can clinch an attractive deal.

This was the latest offer to be rejected by Qualcomm. "At a minimum by the metrics they laid out a few weeks ago they would likely consider an $82 bid as undervaluing them". Tan is known for operating lean.

NXP shareholders, led by activist hedge fund Elliott Management Corp, are resisting the deal, pushing for Qualcomm to raise its offer.

Qualcomm argues its shares have been temporarily depressed from legal battles with Apple and global antitrust regulators over its business practices surrounding patent licensing.

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Qualcomm has rejected Broadcom's latest $121 billion takeover offer but said it is prepared to sit down Chief Executive Hock Tan to discuss the proposal.

Broadcom shares were flat in afterhours trading at $229.57 with a market value of $94 billion after falling 3.2% in another wild trading day of losses on big exchanges.

"Given Qualcomm's broken promises, should investors believe Qualcomm can accurately project two years forward?", Broadcom said in its pitch to shareholders. The Board has unanimously determined that your amended offer materially undervalues Qualcomm and falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction.

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