Qualcomm Rejects Broadcom's US$121 Billion Offer

Qualcomm Rejects'Undervalued Broadcom Bid Opens Doors to Talks

But the question of when still remains.

Qualcomm has once again rejected Broadcom's takeover bid, regardless of the significantly increased purchase price at $121 billion.

Broadcom had previously offered Qualcomm $70 per share, which Qualcomm had also rejected.

The Qualcomm subsidiary working to acquire NXP extended to February 23 the cash tender offer period afforded NXP shareholders looking to agree to sell their stock in the Dutch semiconductor firm for $110 per share.

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However, Qualcomm has offered to meet with Broadcom to see if it can address the serious deficiencies in the gap between Broadcom's bid and the value that Qualcomm's board places on the company.

In his open letter to Broadcom's CEO, Qualcomm's Chairman Paul Jacobs wrote that Broadcom's proposal is less compared to Qualcomm's prospects as an independent business. "If Qualcomm agreed to be acquired by Broadcom and the deal failed to close after extended regulatory review, Qualcomm would be enormously and irreparably damaged", Jacobs wrote.

Broadcom said its latest offer was "best and final" and that it had strong Qualcomm stockholder support.

Broadcom said it proposed to meet by this weekend, but Qualcomm was not willing to meet until Tuesday, after the two companies' respective meetings with proxy advisors Glass Lewis and ISS.

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It said two customers who provide more than US$1 billion in chip revenue each had vowed to move away if the deal went through, citing a lack of confidence in Broadcom's ability to continue to lead in technology. The eventual merger agreement might fail in the middle of the process and Qualcomm says the company will be “irreparably damaged” after such action.

It noted that the proposed offer ascribes no value to Qualcomm's recent $39 billion acquisition of NXP Semiconductors, to the expected resolution of the company's current licensing disputes or to the opportunities presented by the evolution to 5G. The cash portion of the deal is the same as it was in November.

Regulators around the world are fining or investigating Qualcomm, supporting elements of Apple Inc's claims in a lawsuit alleging Qualcomm abuses its dominant position in mobile chips.

A date for a meeting between Qualcomm and Broadcom had not been finalized as of Friday morning.

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