$130 billion isn't enough for Broadcom to take over Qualcomm
14 November, 2017, 00:37 | Author: Devin Moran
But Qualcomm's beaten down stock price showed far less optimism among investors that a deal could be consummated quickly.
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 shares rose 0.8 percent, to $65.11, while Broadcom was off by 1 percent, at $262.24 a share, after the rejection announcement.
Despite that, it seems that Broadcom's offer wasn't enough for Qualcomm's board of directors.
Qualcomm's board believes that Broadcom's proposal significantly undervalues Qualcomm given its leadership position in mobile technology and their future growth opportunity.
Broadcom, meanwhile, is seeking to buy U.S. rival Brocade Communications in a deal being reviewed by Washington.
"We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction", Broadcom CEO Hock Tan said of the offer.
"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry", Qualcomm's Chief Executive Officer Steve Mollenkopf said in the statement.
Both semiconductor companies did not immediately respond to requests for comment. 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. Today's Broadcom is the product of a $37 billion combination in 2016 between Avago, a Singapore-based company that was once part of a former unit of pioneering PC maker Hewlett-Packard, and Broadcom, another company with origins in Southern California which made chips for tablets, smartphones and other telecom and cable applications. Because, though Broadcom is the world's largest WiFi chip manufacturer, they are owned by another company named Avago Technologies.
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