Qualcomm has firmly rejected Broadcom’s unsolicited offer to acquire the company, deeming the US$130 billion offered as a “significant undervaluation.”
Last week, Broadcom offered to acquire Qualcomm in a deal worth US$130 billion, including debt, which would equate to US$70 per share in cash and Broadcom stock for shareholders.
Broadcom said there are “compelling financial benefits” to such a deal and Qualcomm’s portfolio and global market reach would be complementary to Broadcom’s business. However, it seems that for now, at least, a merger is not on the table.
On Monday, November 13, Qualcomm said in a press release that the San Diego, California-based company’s Board of Directors has unanimously rejected the proposed deal.
“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 Paul Jacobs, Executive chairman and chairman of the Qualcomm board.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI