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Monday, November 13, 2017

=Qualcomm (QCOM) rejects the unsolicited proposal by Broadcom (AVGO)

  • November 6, 2017: Broadcom (AVGO) offers to acquire the rival chipmaker for $70 per share ($103 billion)
  • November 13, 2017: Qualcomm rejected rival Broadcom Ltd's $103-billion takeover bid, saying the offer "dramatically" undervalued the U.S. company.

Qualcomm confirms its Board of Directors unanimously rejected the unsolicited proposal announced by Broadcom (AVGO) on November 6, 2017 
"The Board and Management are singularly focused on driving value for Qualcomm's shareholders. After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty. We are highly confident that the strategy Steve and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer."
"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry. 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." 

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