Qualcomm dismisses Broadcom's latest offer - claims it still undervalues the company

Qualcomm dismisses Broadcom's latest offer - claims it still undervalues the company

Broadcom said that it would pay $60 in cash and $22 of Broadcom stock for each Qualcomm share.

Qualcomm contends that overlap in Wi-Fi, Bluetooth and other product lines, as well as customer concerns, could result in a lengthy review by global regulators, who might require selling off divisions or block the deal outright. If Broadcom manages to get its own people there, then its takeover bid is nearly as good as done.

This, too, met with failure and resulted in Broadcom pushing forward a final offer.

In a letter to Broadcom CEO Hock Tan, Qualcomm claimed that the $146 billion offer made on Monday (5 February) had once again "undervalued" the company.

"We believe this amended agreement provides the foundation for a long-term, stable relationship with Samsung following the KFTC investigation", added Qualcomm's executive VP and president of its licensing tech arm, Alex Rogers.

Broadcom is incorporated and now based in Singapore, but Tan announced late a year ago while visiting President Donald Trump at the White House that the company would return its corporate headquarters to the USA, using San Jose as a base.

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The Qualcomm Board of Directors unanimously rejected a revised $121 billion buyout offer from Broadcom. Qualcomm said it would challenge that fine. This is after the two companies are expected to meet with the shareholder advisory firms ISS and Glass Lewis about their conflicting proposals for Qualcomm's AGM in March.

"After having met with most of your largest stockholders this past week, we have no doubt that this is their strong desire as well", he wrote. Broadcom welcomed the move, but said it wanted to meet before Qualcomm's proposed date on Tuesday, ahead of scheduled meetings with proxy advisory firms.

His response came three days after Broadcom boosted its offer to $82 per share in a bid to create a global giant in the chip-making sector.

Broadcom may be keen to seal the deal, but Qualcomm also has acquisitions of its own to handle.

Broadcom's takeover attempt is complicated further by Qualcomm's pending acquisition of NXP Semiconductors NV, meant to give Qualcomm broader access to new markets. NXP shares closed at $115.94 on Thursday, indicating investors were expecting a sweeter deal.

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