Qualcomm unanimously rejects Broadcom

14 November, 2017, 00:38 | Author: Lorena Waters
  • FSMNews

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.

Qualcomm has officially rebuffed Broadcom's acquisition offer, which would mark the biggest-ever deal in the tech industry.

"The board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty", Qualcomm presiding director Tom Horton said in a statement.

Broadcom, meanwhile, is seeking to buy USA rival Brocade Communications in a deal being reviewed by Washington.

Steve Mollenkopf, CEO of Qualcomm believes that the chipset manufacturer holds an edge in the semiconductor industry and continues to provide value to stockholders.

Get Data Sheet, Fortune's technology newsletter.

Cleveland Browns gave yet another game away
Detroit closed to within 10-3 with exactly 6:00 left in the initial period on Matt Prater's 46-yard field goal. Kizer was having his best game of the season before suffering a rib injury that forced him to the locker room.

USA chipmaker Qualcomm Inc (QCOM.O) is making preparations to reject rival Broadcom Ltd's (AVGO.O) $103 billion bid as early as this week, four people familiar with the matter said on Sunday, setting the stage for one of the biggest-ever takeover battles. Tan is known as a fierce cost cutter, who buys companies and eliminates overhead and cuts back on research and development. Qualcomm wants to power and connect every future device, an ambition it's not confident it could achieve while operating as a joint venture with Broadcom.

NXP shares have been trading above Qualcomm's offer price, as many NXP shareholders, including hedge fund Elliott Management Corp, have been holding out for a better price. "We believe Broadcom is likely to increase its bid, contributing to our increased price target". The deal could hinge on Qualcomm resolving a conflict with Apple, which has grown over the past year.

Qualcomm shares closed at $64.57 on Friday, while Broadcom ended at $264.96.

Do you think the deal would have been for or against the interests of Qualcomm?

On Monday, Qualcomm's (qcom) shares were up to nearly $66, though still below the $70 bid.

Broadcom makes chips for wired broadband communications, including modems, Wi-Fi, switches and routers.



Morocco Has the Best Defense in the World
Tunisia claimed the other spot despite being held to a goalless draw at home by Libya in Group A of the African qualifiers. DR Congo were the only team still with a chance to catch Tunisia, but they fell short despite a late 3-1 win over Guinea.

At least 20 children hurt in platform collapse in Barrio Logan
The couple were heading back home to Chula Vista when one of their children called and said there had been an accident. Distressed parents rushed to the facility to be reunited with their children.

City of Savannah, Rotary Club host Veterans Day parade Saturday
On Sunday Braintree VFW Post 1702 will be holding a 5K walk and cookout with the walk starting at 9:30 a.m. on John F. Soldier. "It does make a difference seeing that type of support, especially from active-duty service members".

Respawn Entertainment acquired by EA in $400 million deal
Electronic Arts is set to add another studio to its stable, with Titanfall developer Respawn Entertainment joining its ranks. EA has been a great partner over the years with Titanfall and Titanfall 2 , and we're excited to combine our strengths.

Real Madrid Star Bale Suffers Another Injury Setback
The Wales global , who left Spurs in 2013 for a then-record fee of £85m, has struggled to consistently impress at Real Madrid . Madrid's next match is a tough visit to crosstown rival Atletico Madrid on November 18 after the worldwide break.