Wednesday, 22 November, 2017

Qualcomm smacks down Broadcom takeover bid

FSMNews Qualcomm to Discard Broadcom's Bid
Heather Davidson | 14 November, 2017, 00:39

Qualcomm does not plan to considerably increase its price for NXP as a defensive strategy to make its acquisition by Broadcom more costly, one of the sourced said.

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

Broadcom's bid last week represented a 28 percent premium over the closing price of Qualcomm shares on November 2, but analysts were expecting Qualcomm to reject the $70-per-share bid.

US 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.

Broadcom has shown its willingness to buy Qualcomm regardless of whether it closes the NXP deal.

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"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry".

Tom Horton, Presiding Director for Qualcomm also believes that the management is focused on increasing value for shareholders.

Shortly after Qualcomm issued its statement on Monday turning down the $70-per-share bid, Broadcomm fired back nearly immediately with an announcement of its own maintaining that its offer was the best the embattled Qualcomm could hope to get.

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 fantastic arrangement of items and advancements. Broadcom did not immediately return a request for comment. Because, though Broadcom is the world's largest WiFi chip manufacturer, they are owned by another company named Avago Technologies. If Broadcom makes a hostile bid, Qualcomm's governance rules would allow the rival to submit its own slate for the entire 11-member board by the December 8 nomination deadline. Under Broadcom's proposal, Qualcomm stockholders would receive per share and it will consist of $60.00 in cash and $10.00 per share in Broadcom shares.

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