Sci-tech

Qualcomm Board Unanimously Rejects Broadcom's Blockbuster $130 Billion Takeover Bid

Qualcomm Board Unanimously Rejects Broadcom's Blockbuster $130 Billion Takeover Bid

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. The company wants to sell the chips in everything from Internet of Things (IoT) devices and cars to phones and tablets.

"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.

The bid takes advantage of Qualcomm's weakened position after a year marred by conflicts with Apple Inc. over its patent royalty fees and global regulators alleging anticompetitive business practices. Hawk Tan, the Chief Executive at Broadcom, said in an announcement that this integral exchange will put the joined undertaking as a pioneer in the worldwide correspondence advertises with an fantastic arrangement of items and advancements. If Qualcomm had approved the deal, the combined company would have created major changes in the chipmaking industry.

Qualcomm delivers chips to carrier networks to provide broadband and mobile data.

At the time of writing, Qualcomm shares are priced at $65.50 pre-market.

Our scenario analysis examines Qualcomm earnings in various iPhone royalty scenarios with and without Huawei royalties.

Analysts said Broadcom could easily raise its bid to $80 or $90 per share-or as much as $130 billion-and still make out well with the acquisition. European regulators suspended their investigation while waiting for Qualcomm and NXP to supply documents. The deal awaits approval in China as well.

"Broadcom's $70 bid and Qualcomm's rejection as a positive indicator that Qualcomm's licensing business remains undervalued and both companies believe Qualcomm can resolve its licensing issues with Apple and another leading OEM", writes Walkley.

-Cara Lombardo contributed to this article.


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