Qualcomm rejects Broadcom's raised offer, extends timeline for NXP

Qualcomm rejects Broadcom's raised offer, extends timeline for NXP

Of course, that could be avoided if Broadcom meets with Qualcomm and both agree on a price.

But the question of when still remains.

Qualcomm Inc. rejected Broadcom Ltd.'s record-breaking $121 billion takeover bid late Thursday in the second such rebuff since the latter company made its initial offer previous year.

After the close of trading Thursday, Qualcomm issued a statement saying its board of directors has unanimously rejected Broadcom's bid of $82 a share on the grounds that it "materially undervalues Qualcomm".

Qualcomm shareholders are slated to vote on either Broadcom's or Qualcomm's board candidates by the company's annual meeting on March 6.

"We urge you to meet with us without further delay, and stand ready to meet this Saturday or Sunday in NY or another mutually convenient location", Tan said in a letter to Qualcomm chairman Paul Jacobs.

Qualcomm's rejected Broadcom's latest attempt to buy it, but has also said it is willing to discuss doing a deal.


Broadcom earlier this week upped the ante for Qualcomm, calling the $121 billion bid its "best and final" offer for Qualcomm. In response, Broadcom nominated a slate of directors to replace Qualcomm's board.

If the deal were to go through, it would represent a world-record takeover value.

However, the door was not completely closed and Broadcom's "best and final" deal may not be so final after all.

The multinational semiconductor company says that it is still undervalued at $121 billion.

NXP shareholders, led by activist hedge fund Elliott Management Corp, are resisting the deal, pushing for Qualcomm to raise its offer. Is Broadcom willing to commit to take whatever actions are necessary to ensure the proposed transaction closes? First, when its shares dropped after Apple's reports indicated that it can strike a deal with Intel in the future.

Qualcomm's proposed acquisition of NXP was approved by European Union antitrust regulators last month.

Qualcomm wrote, "your (Broadcom) proposal ascribes no value to our accretive NXP acquisition, no value for the expected resolution of our current licensing disputes and no value for the significant opportunity in 5G". Investors contacted by Bloomberg at the time of the initial bid said they would need more than $80 a share to be persuaded to side with Broadcom.

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