Qualcomm rejects Broadcom's $103-billion takeover proposal

Broadcom

The general opinion among the shareholders is that Broadcom's USD$70-per-share bid doesn't quite capture the company's current value, and does not take into consideration the uncertainty that goes along with processing a transaction this huge. With Qualcomm already facing significant scrutiny of its proposed acquisition of NXP Semiconductors, we anticipate even greater challenges for Broadcom to convince regulators to bless its intended deal.

This is just a minor hiccup for Broadcom, which is expecting to now escalate a proxy battle by appealing directly to Qualcomm shareholders.

Qualcomm rejected an unsolicited, $103 billion offer from Broadcom, saying that the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance. It thinks it's worth more than the present offer.

In a statement, Paul Jacobs, executive chairman and chairman of the board of Qualcomm, said: "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".

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Broadcom restated its intention to get Qualcomm to come to terms, noting that its previous offer-which consisted of $60 in cash and $10 in Broadcom stock per share-marked a 28% premium over the closing price of Qualcomm's shares on November 2, the last day to have been unaffected by media speculation of a deal.

Broadcom has not ruled out an attempted hostile takeover, a proxy battle or raising its bid price to make it more attractive to the board, Reuters reported.

What Broadcom could do to force Qualcomm's hand is to submit a roster of directors who are friendly to them by Qualcomm's December 8 deadline, so that they could then force the company to transact with Broadcom.

Qualcomm's stock climbed 1.2% in premarket trading, while Broadcom declined 0.6%. The combined company would be third-largest chipmaker behind Intel and Samsung.

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