Qualcomm 'set to reject' Broadcom takeover offer

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Keep in mind, this offer from Broadcom wasn't solicited, so it isn't as if Qualcomm and Broadcom were in talks about a merger before Broadcom plopped its $130 billion bid on the table. 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 unbelievable arrangement of items and advancements.

Qualcomm also said the offer poses "significant regulatory uncertainty" for the firm, adding that strategy being executed by Mollenkopf is "far superior" in value to its stockholders than the proposed offer.

"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", Paul Jacobs, Qualcomm's executive chairman, said in prepared remarks. According to a press release from Qualcomm, its board of directors unanimously vetoed the purchase.

The original approach came on November 6, when Broadcom offered $70 a share for Qualcomm.

Inside sources claim that Qualcomms board of directors will reject Broadcoms offer to acquire the Snapdragon chip designer.

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At the time, some Wall Street analysts said Qualcomm might turn down the deal. If Qualcomm had approved the deal, the combined company would have created major changes in the chipmaking industry. Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer.

Broadcom Ltd., also announced, in the company of President Donald Trump, that it would bring its corporate address back from Singapore, to Delaware.

Qualcomm has been facing a series of investigations around the world linked to its dominance in the smartphone chip segment.

The company's decision to decline what would be the biggest-ever tech deal simply opens the door for the inevitable proxy battle that will ultimately decide the fate of the chipmaker.

"Many have expressed to us their desire that Qualcomm meet with us to discuss our proposal".

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