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14 November 2017, 12:41 | Camille Rivera
Qualcomm to Discard Broadcom's Bid
The board meeting's preparations show that Qualcomm is set to reject the bid as inadequate as early as Monday, although it may extend to a few more days to ready its full response to Broadcom, the sources added. In the statement, Qualcomm Chief Executive Paul Jacobs said Broadcom's unsolicited bid is simply not enough for Qualcomm to accept.
Qualcomm's board believes that Broadcom's proposal significantly undervalues Qualcomm given its leadership position in mobile technology and their future growth opportunity.
Broadcom "remains fully committed" to the acquisition and said in its own statement that combining the two companies would create "a strong, global company with an impressive portfolio of industry-leading technologies and products".
"No company is better positioned in mobile, IoT (internet of things), automotive, edge computing and networking within the semiconductor industry", he said.
This comes shortly after Qualcomm filed another lawsuit against its main chip purchaser, Apple, claiming that it broke a confidentiality clause found in its contract. "We are highly confident that the strategy Steve and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer", said Tom Horton, Presiding Director for Qualcomm Incorporated.
Broadcom's bid last week represented a 28 percent premium over the closing price of Qualcomm shares on November 2, but analysts were expecting Qualcomm to reject the $70-per-share bid.
Broadcomm, however, says it will stick with the touted package that, including debt relief and other terms, would see the biz spend $130bn in total.
Overall, Broadcom's bid is a very ambitious attempt to grow its share of the market for components that go into mobile phones.
Broadcom shares are now up 0.3% on the day; Qualcomm is up 1.8%, at session highs.
The company's decision to decline what would be the biggest-ever tech deal simply opens the door for the inevitable proxy battle that will ultimately decide the fate of the chipmaker. Let us know in the comment section below.
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