Qualcomm rejects Broadcom's unsolicited proposal

Qualcomm rejects Broadcom's unsolicited proposal

Qualcomm is rejecting an unsolicited, $013 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.

"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry. We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G", said Mollenkopf.

Qualcomm has moved quickly to rejected rival Broadcom's $130bn takeover bid, claiming that it "dramatically undervalues" the company, but hinted that a significantly raised offer might be accepted.

And CEO Steve Mollenkopf said that Qualcomm well positioned for continual growth.

Although Qualcomm isn't as large as Samsung or Intel as it stands, the purchase of the firm by chip maker Broadcom could change this, completely shaking up the tech industry.

The San Diego-based chipmaker announced on Monday that it was passing on the acquisition, which Broadcom actually valued at $130 billion taking Qualcomm's $25 billion debt into account. But whether Broadcom is willing to make an offer Qualcomm can't refuse still isn't clear.

The deal would dwarf Dell Inc's US$67 billion acquisition of EMC in 2015 - then the biggest in the technology industry. That being said, all of this could be decided as early as next week, with Qualcomm's board of directors reportedly planning on meeting on Sunday to review the offer and come up with a strategy.

The combined business would instantly become the default provider of a set of components needed to build each of the more than 1 billion smartphones sold every year.

Broadcom restated its intention to get Qualcomm to come to terms, noting that its previous offer-which consisted of $60 in cash and $10 in Broadcom stock per share-marked a 28% premium over the closing price of Qualcomm's shares on November 2, the last day to have been unaffected by media speculation of a deal.

"We have received positive feedback from key customers about this combination", he said in a statement following Qualcomm's rejection.

Related News:



Most liked

Race to Dubai victor Henrik Stenson out of 2017 European Tour finale
Final preparations are in place for some of the world's best golfers, ahead of this year's DP World Tour Championship . I can't control what the other people do.

Analyst Research and Ratings: Wal-Mart Stores, Inc. (WMT), Goldcorp Inc. (GG)
The company has a market capitalization of $271,000.00, a P/E ratio of 20.85, a P/E/G ratio of 3.39 and a beta of 0.34. Farr Miller Washington Limited Liability Company Dc holds 0.22% in Wal-Mart Stores Inc (NYSE: WMT ) or 29,384 shares.

First Manhattan Company Boosted Its Gilead Sciences INC (GILD) Stake
Van Hulzen Asset Ltd Liability has invested 0.14% in Gilead Sciences, Inc . (NASDAQ: GILD ) to report earnings on February, 6. Morgan Stanley reaffirmed an "equal weight" rating on shares of Gilead Sciences in a research note on Tuesday, July 11th.

Taking a Look at the Data Behind BB&T Corporation (BBT)
Vaughan David Investments Inc/il reports that it lowered its ownership in BB&T Corp by 0.4% as reported in a filing on 11/13/2017. The collective rating of 2.6 for BB&T Corporation (NYSE:BBT) also leans strongly towards the neutral end of the spectrum.

NCAA Rules Braxton Beverly Immediately Eligible To Play For NC State
State had to file new information which wasn't initially available in order for the decision to be reconsidered. Beverly was denied immediate eligibility after leaving Ohio State following Thad Matta's resignation.

HSBC to pay €300m to avoid French tax fraud trial
Two of its former leaders are, for their part, are criminally prosecuted. The fine had been fully provisioned, the lender added.

The Case for and Against The Coca-Cola Company (KO)
TheStreet cut Coca-Cola European Partners PLC from a buy rating to a hold rating in a research note on Monday, December 5th. As of the end of the quarter Wells Fargo & Company/mn had bought a total of 20 shares growing its stake by 0.6%.

Bharat 22 ETF anchor book subscribed six times
Only three public sector banks - SBI, Indian Bank and Bank of Baroda - figure in the Bharat-22 index. We take a look at the fund which is part of the government's divestment programme.

India's Oct trade deficit at $14.02 billion
India's trade deficit came at $14.02 billion in October, highest since November 2014, from $8.98 billion in the previous month. Imports, however, grew by 7.6 per cent to $37.11 billion in October from $34.5 billion in the corresponding month a year ago.

Gal Gadot has a message for 'misogynist sexists'
Sounds like Affleck likely will play Batman in Reeves film, but that could very well be his final chapter as the superhero. This is even more clear in its suggestion of a world without Affleck's Batman than his recent chat with Extra TV.

Unite the British Isles in Total War Saga: Thrones of Britannia
Creative Assembly has announced yet another historical title to be in the works as the first entry in the Total War Saga series . The series, which focuses on specific periods in history, will have " Thrones of Britannia " as its first entry.

Apple Watch can detect sleep apnea and hypertension, study shows
Both the startup company and the UCSF collaborated to reveal that the said smartwatch could predict hypertension and sleep apnea. Thus, we wonder how the algorithm of Cardiogram could make a good guess without having to use an equipment.

Eve Joins 'The Talk' as New Cohost
Previously, Cooper, who goes by Eve , appeared on the show as a guest co-host the week of October 30. The search for Aisha Tyler's replacement on The Talk has come to an end.

FDA warns of 'deadly risks' of the herb kratom, citing 36 deaths
Around the same time in 2012, the FDA "first put kratom on import alert" FDA press officer Lyndsay Meyer told Business Insider. In some cases, kratom is mixed with opioids like oxycodone, the ingredient in OxyContin, according to the agency.

Sen. Murphy: Trump So 'Unstable' He May Order Nuclear Strike
This is because an enemy ballistic missile launched from the other side of the world could hit the U.S. in barely 30 minutes. Another senator on the panel has drafted legislation proposing to curb the president's power to launch a nuclear attack.