Qualcomm Rejects Broadcom Offer to Buy the Company for $105 Billion
02:05, Nov 16, 2017
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The technology sector's largest takeover ever has been denied after chipmaker Qualcomm rejected a $130bn (€111.43bn) buyout offer from Broadcom.
"It is the board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects", said Paul Jacobs, Executive chairman and chairman of the Qualcomm board. The board of directors believes the proposal is not in the best interest of Qualcomm and also undervalues the company.
Broadcom's proposal followed Tan's visit to the White House this month, where he met President Donald Trump and announced plans to move the tech company back to the United States from Singapore. Broadcom is reportedly prepared to up its offer somewhat from its current level, although it's unclear how much higher they might be willing to go.
Qualcomm provides chips to carrier networks to deliver broadband and mobile data.
NXP shares have been trading above Qualcomm's offer price, as many NXP shareholders, including hedge fund Elliott Management Corp, have been holding out for a better price.
Qualcomm's shares have been weighed down by its legal battle with Apple over patent royalties, fines from antitrust regulators and slow progress on its planned $38 billion acquisition of NXP Semiconductors.
Qualcomm no longer has a poison pill - a tactic to make shares of the company's stock look unattractive or less desirable to the acquiring firm - in its bylaws to deter potential suitors. Under the terms of the deal, shareholders of Qualcomm would get $60 in cash and $10 in Broadcom's stock for each share, which would be a 28% premium over the price of a Qualcomm share on November 2, 2017.
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