Qualcomm: Broadcom's $105bn bid "significantly undervalues" us
Qualcomm: Broadcom's $105bn bid "significantly undervalues" us
Largest ever tech takeover 'significantly undervalues' chipmaker
14 November, 2017, 23:32
"It is the board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects", Qualcomm executive chairman Paul Jacobs said.
Qualcomm rejected an unsolicited, $103 billion offer from Broadcom, saying that the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance.
Chief executive Steve Mollenkopf added that Qualcomm's achievements to date have offered significant value to stockholders.
"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry", said Steve Mollenkopf, CEO of Qualcomm. "We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders".
Broadcom has offered to pay $105 billion for Qualcomm, potentially creating the world's biggest chip supplier in one transaction.
Reports emerged from Bloomberg on 6 November that chip giant Broadcom was on the verge of making a $130bn bid for Qualcomm, which would be the tech industry's largest technology takeover ever. Broadcom isn't quite done with its offer yet though, currently, the company is looking to meet with Qualcomm's board to make another offer.
The deal will comprise $70 a share in cash and stock for the business, although it's been valued at a mammoth $130 billion, including $25 million debt. Today's Broadcom is the product of a $37 billion combination in 2016 between Avago, a Singapore-based company that was once part of a former unit of pioneering PC maker Hewlett-Packard, and Broadcom, another company with origins in Southern California which made chips for tablets, smartphones and other telecom and cable applications.
KitGuru Says: It looks like Qualcomm is planning to push this off as best as it can for the time being. The preparations for the board meeting indicate that Qualcomm is poised to rebuff the bid as insufficient as early as Monday, although it may decide to spend a few more days this week to prepare its full response to Broadcom, the sources added.
"We have received positive feedback from key customers about this combination", he said in a statement following Qualcomm's rejection.
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