Qualcomm rejects Broadcom's bid saying it's too low
- Author: Ryan Wade Nov 16, 2017,
Nov 16, 2017, 2:04
Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer.
"As Qualcomm has already patiently worked for an extended period and is close to acquiring NXP to kick start its ambitious journey we weigh more towards a Qualcomm-NXP only combination rather than a Broadcom-NXP-Qualcomm or simply a Qualcomm-Broadcom combination".
Broadcoms offer was for $70 a share valuing Qualcomm at just north of $100 billion dollars (the deal would include $25 billion of debt).
Qualcomm chief executive Steven Mollenkopf said the California company remains confident of its future on its own
A building on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017.
The US microchip giant Qualcomm has rejected a $130bn (£99bn) takeover offer from Broadcom, setting the stage for its industry rival to return with an even bigger offer.
Qualcomm CEO Steve Mollenkopf commented further, stating that he believes Qualcomm is in a solid position within the semiconductor industry moving forward. At the time, Bloomberg sources claimed that Qualcomm's board would likely reject the deal.
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"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", he said, referring to the fifth-generation wireless networks in the works.
Presiding Director Tom Horton also cited "significant regulatory uncertainty" around the proposed deal.
It's not clear how Broadcom will respond.
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The company's interest in Qualcomm centers on the latter's leadership in modems, says analyst Strategy Analytics analyst Stephen Entwistle.
Tan brought up combining the two companies with Qualcomm in August 2016, when Qualcomm's shares traded at significantly higher prices. So while turning down a huge offer like that seems insane, the company really is probably worth more than what Broadcom was offering. "Integration with Broadcom means more delays and execution risks", he added.
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