Qualcomm will reportedly reject Broadcom's offer

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USA chipmaker Qualcomm Inc (QCOM.O) is making preparations to reject rival Broadcom Ltd's (AVGO.O) $103 billion bid as early as this week, four people familiar with the matter said on Sunday, setting the stage for one of the biggest-ever takeover battles.

The company says it's worth more than the $70 per share offer posed by Broadcom.

In an interview with the Union-Tribune last week Broadcom CEO Hock Tan said Broadcom "made a very compelling offer to shareholders, and we believe it is a very fair and attractive proposal".

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The Board took the decision to value the interest of Qualcomm's shareholders. The sources said Broadcom was preparing to submit a slate of directors by Qualcomm's December 8 nomination deadline.

The sources asked not to be identified because the deliberations are confidential. The per share consideration would consist of $60.00 in cash and $10.00 per share in Broadcom shares.

ZDNet has reached out to Broadcom and will update if we hear more.

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Qualcomm builds chips for carrier networks, allowing them to offer end clients broadband and mobile data. Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer.

Qualcomm recommended shareholders spurn the deal, saying it's an opportunistic move by Broadcom to buy the wireless-chip maker on the cheap.

A sale to Broadcom would also need a nod from the antitrust officials, who are still considering Qualcomm's purchase of NXP.

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