Qualcomm 'set to reject' Broadcom takeover offer

14 November, 2017, 01:39 | Author: Marie Harrington
  • Qualcomm will reportedly turn down Broadcom's $100 billion offer

Horton, the Qualcomm director, said the company is confident it can do well without the Broadcom bid, adding that CEO Steve Mollenkopf's own strategy "provides far superior value to Qualcomm shareholders than the proposed offer". According to the company's official statement released today, Qualcomm's board of directors "unanimously rejects" the "unsolicited proposal" put on the table by Broadcom.

The original approach came on November 6, when Broadcom offered $70 a share for Qualcomm.

"Qualcomm's "thanks, but no thanks" response to the unsolicited bid by Broadcom isn't surprising and we would be surprised if at this point, Broadcom didn't move forward with a proxy fight", Loop Capital analyst Betsy Van Hees told Reuters. Qualcomm and Broadcom did not immediately respond to requests for comment. It said its dominance of the mobile processors market and future growth prospects mean it is unable to accept Broadcom's valuation. But, now Qualcomm officially rejects that offer of 103 Billion dollars. But antitrust authorities already have challenged Qualcomm's business practices in several countries, and the combined companies would hold a dominant position in the wireless industry.

Browns QB Kizer leaves game with rib injury
Cleveland dropped to 0-9 going into a home date with the Jacksonville Jaguars next Sunday afternoon at FirstEnergy Stadium. Cleveland bounced back from that to score touchdowns on their first two drives of the second half to take a 24-17 lead.

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.

Broadcom quickly fired back a few hours later, saying it "remains fully committed" to buying Qualcomm. Amid all the fighting with Apple, and accompanying loss of revenue, Qualcomm's shares had fallen 20% this year through late October to $51 before rumors of Broadcom's interest leaked. Qualcomm has more, including the soon to finish NXP acquisition, a great patent portfolio, high-end phone SoC leadership, Modem and WiFi leadership in 4G and 5G and even automotive, the world's first 10nm server and Windows 10 holding great Snapdragon potential.

"We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction", the company said.

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