Qualcomm rejects Broadcom's US$103b takeover bid

Qualcomm rejects Broadcom's US$103b takeover bid

Qualcomm rejects Broadcom's US$103b takeover bid

"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", said Qualcomm executive chairman Paul Jacobs.

Presiding Director Tom Horton also cited "significant regulatory uncertainty" around the proposed deal.

Broadcom CEO Hock Tan, who said earlier this month he would redomicile his company to the United States from Singapore, has stated he is open to launching a takeover battle. "ORCRP002286-topic.html" class="local_link" >Broadcom's unsolicited $103 billion bid as too low, setting the stage for a hostile proxy fight for control of the company.

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The deadline is December 8 for Broadcom to submit a slate of alternative candidates to Qualcomm's 11-member board of directors to push the deal through.

The original approach came on November 6, when Broadcom offered $70 per share for Qualcomm.

Meanwhile, Broadcom's shares have surged almost 50 percent in the past 12 months as it completed the Broadcom/Avago Technologies acquisition, paid down debt and increased revenue and profitability.

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Qualcomm builds chips for carrier networks, allowing them to offer end clients broadband and mobile data.

The offer also comes at a time when Qualcomm is trying to close its pending US$38-billion acquisition of automotive chipmaker NXP Semiconductors NV. Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer. The shares ended last week little changed this year at $64.57.

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