Published: Tue, November 14, 2017
Research | By Derrick Holloway

QUALCOMM, Inc. (QCOM) Set To Reject Broadcom's Takeover Offer This Week


Broadcom has said it would prefer amicable negotiations, but a person familiar with Chief Executive Hock Tan's thinking believes he would be willing try to elect directors to Qualcomm's board who will favor the deal.

Just last week, Broadcom issued a note to investors in which they announced a "proposal to acquire all of the outstanding shares of" Qualcomm "for per share consideration of $70.00 in cash and stock".

Qualcomm is set to reject the multi-billion takeover bid from fellow chipmaker Broadcom, reports have claimed. The board has not made any official statements, but has allegedly met on Sunday to discuss the offer.

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"We are highly confident that the strategy Steve and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer", said Tom Horton, Presiding Director for Qualcomm.

In an email, a Qualcomm spokesperson said the company "won't have any comment beyond this statement".

This could lead to a higher bid from Broadcom in the future, but there's no word on when Broadcom might make another offer.

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The deal's future could hinge on each side's prospects for resolving the dispute with Apple, which has withheld royalty payments it owes for its use of Qualcomm's technology and has moved to stop buying Qualcomm's chips. The deal has been delayed by the Committee on Foreign Investment in the United States, which investigates proposed acquisitions of US companies by foreign buyers on national security and intellectual property grounds.

Broadcom itself has yet to close its $5.5bn acquisition of Brocade which was announced in November previous year, while Qualcomm is still wrangled in regulatory processes following its $38bn deal for Dutch semiconductor NXP. Qualcomm and Broadcom would be the third largest producer of semiconductors behind Intel and Samsung.

"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry", CEO Steve Mollenkopf said in a press release. "We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders".

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