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emfizz.com November 24, 2017


Qualcomm rejects Broadcom acquisition offer

14 November 2017, 12:37 | Bernard Bryant

Qualcomm draws up plans to rebuff Broadcom's $103 billion offer: sources

FSMNews

Last week, Broadcom announced its intent to purchase massive mobile chip maker Qualcomm.

The technology sector's largest takeover ever has been denied after chipmaker Qualcomm rejected a $130bn (€111.43bn) buyout offer from Broadcom.

Despite that, it seems that Broadcom's offer wasn't enough for Qualcomm's board of directors.

Paul Jacobs, Executive Chairman and Chairman of the Board of Qualcomm states the following in regards to the decision taken by the chipmaker.

As we said when the proposal was announced, it's likely that Broadcom also smelled blood in the water, because Qualcomm is now fighting a battle on multiple fronts, what with the ongoing dispute with Apple, the Federal Trade Commission (FTC) investigation, and other conflicts.

Broadcoms offer was for $70 a share – valuing Qualcomm at just north of $100 billion dollars (the deal would include $25 billion of debt).

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Qualcomm also said the offer poses "significant regulatory uncertainty" for the firm, adding that strategy being executed by Mollenkopf is "far superior" in value to its stockholders than the proposed offer.

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 unbelievable arrangement of items and advancements.

"We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders", Broadcom president and CEO Hock Tan in a statement. Qualcomm and Broadcom did not immediately respond to requests for comment. 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.

Shares in Broadcom and Qualcomm both dipped slightly as the market opened.

It comes as Qualcomm seeks a $47 billion acquisition of Dutch rival NXP, a deal that is the subject of an European Union anti-trust probe.



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