Qualcomm Rebuffs Broadcom's Takeover Bid

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Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd's $103-billion takeover bid, saying the offer undervalued the company and would face regulatory hurdles.

Qualcomm said Monday that it's in a unique position to grow on its own.

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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.

Broadcom restated its intention to get Qualcomm to come to terms, noting that its previous offer-which consisted of $60 in cash and $10 in Broadcom stock per share-marked a 28% premium over the closing price of Qualcomm's shares on November 2, the last day to have been unaffected by media speculation of a deal.

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According to sources familiar with the ongoing deliberations, Qualcomm's board of directors could meet over the weekend to decide on what steps to take regarding Broadcom's unsolicited acquisition offer.

"We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G". The company plans to reach out to the company's board and management, and that it has received positive feedback from key customers and shareholders. The deal has been delayed by the Committee on Foreign Investment in the United States, which investigates proposed acquisitions of USA companies by foreign buyers on national security and intellectual property grounds.

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Regulators are already scrutinizing Qualcomm's $38-billion acquisition of automotive chipmaker NXP Semiconductors NV. Today's Broadcom is the product of a $37 billion combination in 2016 between Avago, a Singapore-based company that was once part of a former unit of pioneering PC maker Hewlett-Packard, and Broadcom, another company with origins in Southern California which made chips for tablets, smartphones and other telecom and cable applications. But whether Broadcom is willing to make an offer Qualcomm can't refuse still isn't clear.

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