Qualcomm rejects Broadcom's revised $121 billion buyout offer

Broadcom Offers $123 Billion For Qualcomm

Even if Qualcomm were to approve the deal, it's also not clear if it will actually go through.

Broadcom is waving a hell of a lot of benjamins in front of Qualcomm's face, with a huge $121 billion offer thrown onto the table last week, and once again Qualcomm has rejected the offer.

In the ongoing back-and-forth over Broadcom's proposed $121 billion acquisition of Qualcomm, the two sides might be about to face each other for real. Rumors of a hostile takeover brewed in the months that followed, leading up to Broadcom's increased $145 billion offer earlier this week.

In a letter to Broadcom's President and CEO, Qualcomm's Chairman of the Board, Steven Mollenkopf, revealed that the rejection of the bid was largely attributed to a perceived undervaluation of the business.

Though the deal would have been the largest ever in the electronics industry, the Qualcomm board chairman in a letter Thursday wrote that Boardcom's $82-per-share offer was "inadequate" because it undervalued the San Diego-based chipmaker and would come with regulatory uncertainty. Unfortunately, its previous offers were also rejected.

As for the market experts, Tan's accomplishments this far are likable. But in an open letter, Jacobs explains that while the board members unanimously shot down the offer, they were still willing to listen. A victory in that effort would void the current opposition.

After Qualcomm rejected Broadcom's takeover bid, the stocks of both the companies shot up by more than 5 percent.

NXP shareholders, led by activist hedge fund Elliott Management Corp, are resisting the deal, pushing for Qualcomm to raise its offer. Qualcomm isn't really snobbish but the board knows the worth of the company. Regulators may decide that it would be nearly a monopoly on the smartphone chip market.

Qualcomm is engaged in a patent infringement dispute with Apple Inc. Qualcomm said it would challenge that fine. The $47 billion deal awaits final regulatory approval.

While Qualcomm did not disclose terms of the amended deal, it said it was "consistent" with its "global handset-level" pricing.

I am writing on behalf of the Board of Directors of Qualcomm Incorporated.

The fate of Qualcomm's licensing business is a key to its future. Most of the company's profit comes from collecting fees for the use of patents that cover the fundamentals of all modern phone systems. The deal would have $60 in cash and remainder of its shares. Qualcomm's collection of patents is one of the most valuable assets in the world of wireless telecommunications.

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