Qualcomm rejects Broadcom hostile bid, opens door to talks
Qualcomm rejects Broadcom hostile bid, opens door to talks
09 February, 2018, 03:50
Qualcomm's board unanimously rejected that offer, saying it "dramatically undervalues Qualcomm and comes with significant regulatory uncertainty, and therefore is not in the best interests of Qualcomm stockholders".
Jacobs' letter also maintains that the $121 billion offer for Qualcomm significantly undervalues the company and ascribes no accretive value for Qualcomm's pending acquisition of NXP Semiconductors or the opportunity offered by the move to 5G cellular technology.
However, Qualcomm offered to meet with Broadcom executives "to see if it can address the serious deficiencies in value and certainty in its proposal". Qualcomm makes chips found in iPhones, Android smartphones and new "always-on" Windows laptops, while Broadcom's chips reside in Android smartphones and iPhones, too, as well as game systems, set-top boxes and data centers.
"If Qualcomm entered into a merger agreement and, after an extended regulatory review period the transaction did not close, Qualcomm would be enormously and irreparably damaged", Jacobs wrote.
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In a letter to Qualcomm board members this week, Tan called the offer "extremely compelling compared to any other alternative available to Qualcomm" and called on the board to open talks on the proposal.
Like the deal rejected by the Qualcomm board in November, this one would have paid Qualcomm shareholders $60 per share in cash.
Qualcomm (QCOM) shares were up about 1% in after-hours trading Thursday to $62.95, while Broadcom (AVGO) shares were down 3.3% Thursday to $229.57.
Ever since early November of previous year, there have been talks of Broadcom being interested in acquiring chip-maker Qualcomm.
The company's hostile takeover attempt has come at a vulnerable time for Qualcomm, which has been embroiled in a long-running legal dispute with Apple and is facing several large fines from governing bodies across the globe. Qualcomm said it would challenge that fine.
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