Qualcomm rejects $103bn takeover bid from rival Broadcom

$130 billion is a massive number, but if Broadcom sees hope in the future where it brings Qualcomm under its wing, it could very well come back at a later date with an even higher number.

American telecommunications equipment company, Qualcomm Inc., is preparing to discard its competitor's, Broadcom Ltd., $103 billion offer as soon as this week, according to people familiar with the matter said on Sunday, paving the way to one of the biggest buyout battles.

Inside sources claim that Qualcomms board of directors will reject Broadcoms offer to acquire the Snapdragon chip designer. In the statement, Qualcomm Chief Executive Paul Jacobs said Broadcom's unsolicited bid is simply not enough for Qualcomm to accept.

In a statement today, Qualcomm said its board of directors has unanimously rejected Broadcom's unsolicited offer.

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Hawk Tan, the Chief Executive at Broadcom, said in an announcement that this integral exchange will put the joined undertaking as a pioneer in the worldwide correspondence advertises with an wonderful arrangement of items and advancements. Samsung and Apple are the only two smartphone OEMs who have a choice to not use Qualcomm technology because they both make their own chips. "We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G". If Broadcom makes a hostile bid, Qualcomm's governance rules would allow the rival to submit its own slate for the entire 11-member board by the December 8 nomination deadline.

San Diego-based Qualcomm said the bid undervalues the company's position in thriving areas in the semiconductor industry like mobile, "internet of things", automotive, edge computing and. If the deal goes through as proposed, it would be the largest technology acquisition ever.

It was also said the offer does not price in the "uncertainty associated with getting the deal approved by regulators". The deal offered Qualcomm shareholders $60 a share, plus $10 in Broadcom stock for each share of Qualcomm.

(Copyright © 2015. All Rights Reserved.)
 
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