Qualcomm will reportedly reject Broadcom's offer

Qualcomm will reportedly reject Broadcom's offer

$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.

"Broadcom's $70 bid and Qualcomm's rejection as a positive indicator that Qualcomm's licensing business remains undervalued and both companies believe Qualcomm can resolve its licensing issues with Apple and another leading OEM", writes Walkley.

US chipmaker Qualcomm Inc (QCOM.O) is making preparations to reject rival Broadcom Ltd's (AVGO.O) $103 billion bid as early as this week, four people familiar with the matter said on Sunday, setting the stage for one of the biggest-ever takeover battles.

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Broadcom presented a US$130 bn offer for Qualcomm, its adversary chip producer.

The spontaneous proposition of Broadcom added up to US$70 per share, which included US$10 in stock and US$60 in real money, or 28% more than the end cost of Qualcomm on Thursday, November 02, 2017, preceding the reports of the merger surfaced.

In turning down the bid, Qualcomm's chief executive Steve Mollenkopf said management was "confident in our ability to create significant additional value for our stockholders". We are not sure whether Broadcom can initiate a proxy fight to get the deal approval from Qualcomm's board. After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty.

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Broadcom CEO Hock Tan, who said earlier this month he would redomicile his company to the United States from Singapore, has stated he is open to launching a takeover battle. Broadcom did not immediately return a request for comment.

Qualcomm delivers chips to carrier networks to provide broadband and mobile data. 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. That's no small amount of money, and it would have ranked as the tech industry's largest acquisition ever.

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