Thursday, 23 November, 2017

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

Steven Mollenkopf CEO of Qualcomm Mike Blake | Reuters Steven Mollenkopf CEO of Qualcomm
Jeanne Townsend | 14 November, 2017, 00:39

The sources said Broadcom was preparing to submit a slate of directors by Qualcomm's December 8 nomination deadline.

Qualcomm rejected Broadcom's $105 billion acquisition offer on Monday, but the battle has just begun. Broadcom's surprise bid for Qualcomm was announced a week ago and would have resulted in the biggest merger to date in the tech industry.

This comes after Qualcomm said that the nine men and two women in its board of directors had all agreed that the offered buyout package sorely undervalued Qualcomm's share value and its future growth prospects.

Analysts said Broadcom could easily raise its bid to $80 or $90 per share-or as much as $130 billion-and still make out well with the acquisition.

"We are highly confident that the strategy (CEO Steve Mollenkopf) and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer", said Tom Horton, Qualcomm director.

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United States semiconductor and telecommunications firm Qualcomm rejected a $103bn takeover bid from competitor Broadcom on Monday, saying the offer "dramatically" underestimated the value of the company. "We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction".

Qualcomm said Monday that it's in a unique position to grow on its own.

San Diego-based Qualcomm said the bid undervalues the company's position in thriving areas in the semiconductor industry like mobile, "internet of things", automotive, edge computing and. Qualcomm and Broadcom did not immediately respond to requests for comment.

Qualcomm's Snapdragon mobile processors are widely used in the smartphones around the world.

Shares of Qualcomm were up 1.8 percent at $65.74 in early afternoon trading, while those of Broadcom were down 0.4 percent at $263.95. The deal has been delayed by the Committee on Foreign Investment in the United States, which investigates proposed acquisitions of USA companies by foreign buyers on national security and intellectual property grounds.

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