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Qualcomm rejects Broadcom's increased offer of $121 billion United States dollars

Qualcomm rejects Broadcom's increased offer of $121 billion United States dollars

Last weeks offer of $82 per share, $121 billion in total was declined today in a statement on the chipset companys website.

This proposal to acquire Qualcomm is extremely compelling compared to any other alternative available to Qualcomm, with or without the acquisition of NXP, and we believe any responsible board would engage with us, without further delay, to turn this proposal into an executed definitive agreement. Broadcom plans to announce the new bid this morning U.S. time, the reports said.

Qualcomm's rejected Broadcom's latest attempt to buy it, but has also said it is willing to discuss doing a deal.

According to recent reports, the board of Qualcomm Incorporation has declined a higher acquisition bid from Broadcom Ltd. Typically, such break-up fees equate to approximately 3 per cent to 4 per cent of a deal's size.

As Qualcomm has been resolute in an utter dismissal of a potential deal so far, this olive branch is one Broadcom has grabbed with both hands. Voting on the nominations is set to take place on 6 March.

The situation is fluid, and the exact level of the new bid hasn't been finalised.

In a letter to Broadcom's CEO, Qualcomm outlined a number of questions it wants answered in talks with Broadcom, including whether this is really the company's "final" price, or could it pay more than United States dollars 82 per Qualcomm share. Qualcomm has countered that it expects to win in court over time and overturn some of the more than $4bn it has been fined. Qualcomm is a wireless telecommunications giant that provides chips to mobile carrier networks to deliver broadband and data. "And at the moment, there is no "next" step", Qualcomm said. Just this week, Apple caught the eyes of the European Commission with its proposed Shazam acquisition valued at just $400 million, a minor acquisition compared to Broadcom's proposed $145 billion+ bid. That is a lot of money but Qualcomm's board was firm with the decision.

The greatest concern centers around Qualcomm's lucrative technology-licensing business. That cash influx fuels industry-leading research and design, which in turn helps the chip unit build the most advanced products.

The board has also called on Tan to clarify whether Broadcom is willing to commit to take whatever actions would be necessary to clear the regulatory hurdles and address the customer and licensee risk that Qualcomm would be exposed to during the transaction period.

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