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.
"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", Paul Jacobs, Qualcomm's executive chairman, said in prepared remarks.
Qualcomm's board of directors could meet as early as Sunday to review the unsolicited acquisition offer and decide on its strategy, the sources said.
The spontaneous proposition of Broadcom added up to US$70 per share, which included US$10 in stock and US$60 in real money, or 28% more than the end cost of Qualcomm on Thursday, November 02, 2017, preceding the reports of the merger surfaced. That would permit Qualcomm shareholders to vote to change the company's board and force it to engage with Broadcom.
Veterans Day Parade to step off
Korean War veterans will be honored at a ceremony beginning at 11 a.m.at Heritage Park, 2481 Heritage Lane, in North Natomas. Army private in World War II who will turn 101 December 23, and Los Angeles Mayor Eric Garcetti, a lieutenant in the U.S.
American telecommunications equipment company, Qualcomm Inc., is preparing to discard its competitor's, Broadcom Ltd., $103 billion offer as soon as this week, according to people familiar with the matter said on Sunday, paving the way to one of the biggest buyout battles.
Qualcomm said it would have no further comment on the matter. Qualcomm, famous for inventing 2G and 3G wireless network technology, now sells the mobile chips for smartphones and the radios that enable cellular communications.
NXP shares have been trading above Qualcomm's offer price, as many NXP shareholders, including hedge fund Elliott Management Corp, have been holding out for a better price. Amid all the fighting with Apple, and accompanying loss of revenue, Qualcomm's shares had fallen 20% this year through late October to $51 before rumors of Broadcom's interest leaked. If Qualcomm had approved the deal, the combined company would have created major changes in the chipmaking industry. The deal has been delayed by the Committee on Foreign Investment in the United States, which investigates proposed acquisitions of USA companies by foreign buyers on national security and intellectual property grounds.
- Arsenal aim to finish above Tottenham, says Wilshere
- Rupert Murdoch twice discussed CNN with AT&T CEO
- Disneyland shuts down cooling towers after nine contract Legionnaires
- Oklahoma Woman Who Married Her Mother Pleads Guilty To Incest
- Congress to keep struggling for 18% GST cap: Rahul
- Freebies for Vets on Veterans Day
- AJ Styles beats Jinder Mahal to become WWE Champion
- Pokemon Go Creators to make Harry Potter Augmented Reality Game
- Arab League To Meet On Iran at Saudi Request
- Aguero gives Argentina win over Russian Federation at World Cup final stadium