Based Qualcomm rejecting Broadcom's purchase offer

Qualcomm rejects $130 billion Broadcom bid

That's a huge chunk of change, but apparently it wasn't enough to even tempt Qualcomm; their board has unanimously made a decision to reject Broadcom's offer.

Broadcom shares are now up 0.3% on the day; Qualcomm is up 1.8%, at session highs. "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 Steve Mollenkopf, Chief Executive Officer of Qualcomm.

Both companies count Apple among their top customers.

Qualcomm has firmly rejected Broadcom's unsolicited offer to acquire the company, deeming the $130 billion offered as a "significant undervaluation". Another strategy that Broadcom could try would be to raise the bid price.

While Tan did not specifically address whether Broadcom would make a hostile bid, he said, "It remains our strong preference to engage cooperatively with Qualcomm's board of directors and management team". Broadcom is said to be considering a proxy contest, asking Qualcomm stockholders to vote on replacing the latter's current board with a slate of candidates put up by Broadcom. They've said they're still committed to merging the companies, which might mean we'll see a significantly larger offer or some other more aggressive tactics.

In Entwistle's view were Qualcomm to accept the acquisition offer it would increase its dependence on the smartphone market - at a time when it has been working to expand beyond smartphones, such as via a long-in-the-works acquisition of chipmaker NXP, which has a focus on car-related applications, security-based identification and IoT.

Any deal would face scrutiny from the antitrust regulators as the combined company would own the high-end WiFi business globally, analysts said. It is engaged in a patent infringement dispute with Apple Inc (AAPL.O), and is also trying to close its $38 billion acquisition of automotive chipmaker NXP Semiconductors NV (NXPI.O) after signing a deal in October 2016.

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