Qualcomm rejects Broadcom's 'dramatically undervalued' takeover

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

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.

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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.

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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.

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