US: Qualcomm meets with Broadcom to discuss US$121b offer

Qualcomm, top executives met with Broadcom Wednesday, February 14, for the first time to confer the revised US$121 billion bid as a possible deal, CNBC reported.

The meeting was attended by Chief Executive Officer Steve Mollenkopf, Chief Financial Officer George Davis and Chairman Paul Jacobs, among others, according to Qualcomm, CNBC reported.

“We met with representatives of Broadcom for two hours earlier today,” Qualcomm said, adding that its board would meet to determine the next steps. It is the first meeting since Qualcomm rejected Broadcom’s revised cash-and-stock bid of US$82 per share last week, CNBC reported.

Qualcomm said the new offer still undervalues it and falls short on firm commitments on regulatory issues, CNBC reported.

The outcome of the meeting will determine whether Qualcomm, which has resisted Broadcom’s takeover approach since November, will engage in negotiations or continue to defend itself by rallying its shareholders, who are scheduled to vote on March 6 on replacing the majority of its board with Broadcom nominees, reported Reuters.

Full Content: CNBC

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