Qualcomm Rising: Rejects Broadcom Bid for 'Significantly Undervaluing'

Nov 16, 2017, 02:06
Qualcomm Rising: Rejects Broadcom Bid for 'Significantly Undervaluing'

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.

Qualcomms stock closed at $64.57 a share on Friday, however the board of directors believes Broadcoms offer undervalues their company.

Last week Broadcom offered to buy all of the outstanding shares of Qualcomm for $105 billion in total for cash and stock.

A building on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017.

Qualcomm CEO Steve Mollenkopf added that the USA chip maker has a future in mobile, the Internet of Things (IoT), edge computing and networking within the semiconductor industry, and the firm has no doubt of future growth in these areas. "We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G", added Steve Mollenkopf, CEO of the firm.

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While Tan did not specifically address whether Broadcom would make a hostile bid, he said, "It remains our strong preference to engage cooperatively with Qualcomm's board of directors and management team".

"Many have expressed to us their desire that Qualcomm meet with us to discuss our proposal". Qualcomm and Broadcom did not immediately respond to requests for comment.

It comes as Qualcomm seeks a $47 billion acquisition of Dutch rival NXP, a deal that is the subject of a European Union antitrust probe. Broadcom is said to be considering a proxy contest, asking Qualcomm stockholders to vote on replacing the latter's current board with a slate of candidates put up by Broadcom.

The right price for Qualcomm could be between $80 and $85 per share, and Broadcom could go up to $90, Susquehanna analyst Christopher Rolland told Reuters.

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