Qualcomm rejects Broadcom's 'dramatically undervalued' takeover

14 November, 2017, 01:38 | Author: Grady King
  • FSMNews

USA chipmaker Qualcomm Inc (QCOM.O) is making preparations to reject rival Broadcom Ltd's (AVGO.O) $103 billion bid as early as this week, four people familiar with the matter said on Sunday, setting the stage for one of the biggest-ever takeover battles.

In a statement Monday, Qualcomm's board said the offer, which Broadcom submitted last week, dramatically undervalues the company and comes with significant regulatory uncertainty.

The source said Qualcomm's board of directors could huddle up on Sunday to examine the unsolicited acquisition bid and think of its strategy.

Meanwhile, Qualcomm is trying to acquire NXP for $38 billion but NXPs shareholders are reluctant.

Wisconsin Still on Track to Harvest Record Soybean Acreage
USDA surprised many with the crop production forecast out this month estimating a two percent increase from last month for corn . But an estimated 2.14 million acres will be run through the combines in 2017-breaking the previous record set a year ago .

Broadcom, meanwhile, is seeking to buy USA rival Brocade Communications in a deal being reviewed by Washington.

Qualcomm's stock climbed 1.2% in premarket trading, while Broadcom declined 0.6%.

Qualcomm has been facing a series of investigations around the world linked to its dominance in the smartphone chip segment.

"It is the Board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the Company's leadership position in mobile technology and our future growth prospects", said Qualcomm executive chairman and chairman of the board Paul Jacobs in a statement today. It's also a timely bid Qualcomm, whose earnings this year have been hurt by a global legal fight with Apple over its licensing fees for patents.

Sensex sinks 360 points as Saudi purge stokes inflation fears
"Gains were, however, capped as refiners such as Reliance Industries tumbled after oil prices gained overnight". At 10:19 am, 37 stocks on the Nifty 50 were trading in the positive zone.

On Monday, Qualcomm's (qcom) shares were up to nearly $66, though still below the $70 bid. A combination with Broadcom would not have propelled it past industry leaders Intel and Samsung.

After getting an on-the-record rejection of its buyout bid for Qualcomm (NASDAQ:QCOM), Broadcom (NASDAQ:AVGO) says it's still "fully committed" to the deal.

In its latest earnings call with analysts, Qualcomm CEO Steve Mollenkopf said the company aimed to close the NXP deal by the end of the year but it could slip until next year. Broadcom is reportedly prepared to up its offer somewhat from its current level, although it's unclear how much higher they might be willing to go.

Will Smiths loans $5 million
Tyrese is really on some shit ever since getting into this whole beef with The Rock , but now we can see that there's much more to it.

Recommended:

  • Corvette ZR1 Will Be Fastest and Most Powerful of Its Kind

    Corvette ZR1 Will Be Fastest and Most Powerful of Its Kind

    Both of the rear wings are attached to the car's chassis - something Chevrolet claims will increase strength and stability. Powered by an LT5 supercharged V8, the ZR1 will produce a staggering 755 horsepower and 715 lb. -ft. of torque.
    USA  actor Steven Seagal accused of sexual harassment

    USA actor Steven Seagal accused of sexual harassment

    Via Facebook, Ellen DeGeneres's wife shared a unusual and disturbing encounter she had with the martial artist. The then ran from the office and called her agent, who apparently seemed aware of what might happen.
    Jelani Maraj Latest News, Photos, and Videos

    Jelani Maraj Latest News, Photos, and Videos

    Ray III briefly represented the mother and testified that he did demand $25 million from Maraj after he was arrested. Maraj , 38, was on trial for raping an 11-year-old girl on multiple occasions at his Long Island home.
  • Injustice 2 Fighter Pack 3 revealed - TMNT join the fight

    Injustice 2 Fighter Pack 3 revealed - TMNT join the fight

    Atom is set to launch this December 12, with the Enchantress set for release in January, and the Ninja crew in February.
    Air Traffic Controller Charged With Possessing A Weapon Of Mass Destruction

    Air Traffic Controller Charged With Possessing A Weapon Of Mass Destruction

    The FAA confirmed to NBC Charlotte that Dandan's access to the airport was terminated following his arrest Friday afternoon. Officers with the CMPD's bomb squad later confirmed that the explosive device in question was a homemade pipe bomb.
    Hulu is Nintendo Switch's First Media App, Available for Download Now

    Hulu is Nintendo Switch's First Media App, Available for Download Now

    The latest Nintendo console is on course to have outsold the Wii by March 2023 according to market analyst firm Nomura Securities. So far, we have not heard a peep about YouTube or Netflix coming to Switch , but today Nintendo slipped us a tiny morsel of hope.
  • Canada's Trudeau says still more work to be done on TPP

    Canada's Trudeau says still more work to be done on TPP

    But this time, the Canadian prime minister had a somewhat atypical agenda for his face-to-face chat with the Mexican president. It was a stark change in tone from Thursday, when Trump was Xi's guest of honor during a state visit in Beijing.
    TripAdvisor adds new warning 'badges' to warn of sex assaults

    TripAdvisor adds new warning 'badges' to warn of sex assaults

    It will be based on news reports, and comments or reviews from the TripAdvisor community, the New York Times reports. The article indicated the woman's review was removed from the TripAdvisor website.
    Alabama, Clemson, Georgia, Notre Dame aides on Broyles list

    Alabama, Clemson, Georgia, Notre Dame aides on Broyles list

    These two games also feature two Heisman Trophy contenders in Adams for Notre Dame and quarterback Baker Mayfield for Oklahoma. No. 12 Michigan State at No. 13 Ohio State; No. 20 Iowa at No. 8 Wisconsin; and No. 2 Alabama at No. 16 Mississippi State .
  • Eminem Links With Beyoncé On New

    Eminem Links With Beyoncé On New "Walk On Water" Single

    We hear his struggle as he shows us what it's like to have such high expectations for everything he does. The bars find Eminem poetically contemplating his own rap mortality.
    Rupert Murdoch Called AT&T's CEO Twice About CNN Sale

    Rupert Murdoch Called AT&T's CEO Twice About CNN Sale

    The deal is opposed by an array of rivals and consumer groups anxious that it would give the combined company too much power. AT&T may choose to force the DOJ's hand by moving to close the deal, which could trigger a court fight.
    Aly Raisman Team USA Doctor Abused Me Too

    Aly Raisman Team USA Doctor Abused Me Too

    The federation also adopted several recommendations by Deborah Daniels, a former federal prosecutor who oversaw the review. Raisman said she spoke to FBI investigators after serving as national team captain at the 2016 Games in Rio de Janeiro.


Popular

Venus, Jupiter conjunction tomorrow: Set your alarms for 45 minutes before sunrise
The two worlds will only be visible for a short time before sunrise and won't climb more than about 7 degrees above the horizon. Observers will have to have an uninterrupted view to the south-east as the planets will be very low in the sky .

Kenseth passes Elliott late for Phoenix win, Keselowski advances to title race
Not long after winning the opening stage, Larson wound up in the garage, retired from the race because of an engine issue. This is the fourth straight race he did not complete, two due to engine failure and two to wrecks, dating back to Kansas.

Trump lands in Philippines, offers to mediate on S.China Sea
It is not the first time the Philippines leader has claimed to have killed someone. Duterte should stop idolizing and playing puppet to Trump.

IHeartMedia presents The IHeartRadio Reputation Album Release Party with Taylor Swift
The brief explanation is this: Kanye stormed the stage when Taylor won "Best Female Video " over Beyoncé. It's no secret that Taylor has long feuded with Kim and Kanye.

Week 10 Ups and Downs: Minnesota Vikings at Washington Redskins
Just as it did in Week 8, the Vikings hold the Redskins to under 10 points. Players not from Minnesota after the game called it "Duck, Duck, Goose".

Israel has denied the statement about the downed Russian drone
Like the rest of the region, Israel underestimated in the beginning the Iranian infiltration in Syria. That is why the new Israeli threats are against Hezbollah in both Lebanon and Syria.

Twitter suspends blue check mark verifications
If you want to have your Twitter account verified , the first thing to do is to submit a request. Do U think this blue check is warranted?? "Working now to fix faster", tweeted CEO Jack Dorsey .

Media companies are reassessing their ties to comic Louis CK
On Thursday, the Times published a bombshell story that detailed five allegations of sexual misconduct against C.K. FILE PHOTO: Cast member Louis C.K. attends the "American Hustle" movie premiere in New York December 8, 2013.

India Inc. welcomes reduction in GST tax rates
The estimated revenue loss from the reduced items in high tax bracket is expected to be Rs 20000 crore annually, Modi said. Tax rate on 8 items has decreased from 12 to 5 per cent".

Republicans must turn their backs on Roy Moore
Harris' congressional office referred questions to his campaign, which did not respond to multiple requests for comment. Reynolds supports Moore and says if the candidate steps down now, that would mean surrendering to Democrat Doug Jones .