Qualcomm Board Unanimously Rejects Broadcom's Blockbuster $130 Billion Takeover Bid

14 November, 2017, 00:40 | Author: Becky Perry

Inside sources claim that Qualcomms board of directors will reject Broadcoms offer to acquire the Snapdragon chip designer.

"It is the board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the Company's leadership position in mobile technology and our future growth prospects", executive chairman Paul Jacobs said in a release.

Broadcom "remains fully committed" to the acquisition and said in its own statement that combining the two companies would create "a strong, global company with an impressive portfolio of industry-leading technologies and products".

On a more positive note, Canaccord Genuity's Mike Walkley, reiterating a Buy rating on Qualcomm, raises his price target to $83 from $76, writing that he thinks Broadcom will bid higher.

That was a not-so-veiled threat to pursue a hostile takeover if necessary.

"Our proposal provides Qualcomm stockholders with a substantial and immediate premium in cash for their shares, as well as the opportunity to participate in the upside potential of the combined company", said Hock Tan, President and Chief Executive Officer of Broadcom at the time. Qualcomm wants to power and connect every future device, an ambition it's not confident it could achieve while operating as a joint venture with Broadcom.

Rodriguez proves the scourge of Northern Ireland
Still, Switzerland dominated much of the first half and should have sealed its place at a fourth straight World Cup much earlier. Seferovic should have settled it in the 85th minute but instead shot high and wide and was substituted nearly immediately.

"Our math suggests Broadcom has a significant amount of room to play with", Bernstein analyst Stacy Rasgon wrote on Monday.

Canaccord Genuity analyst Mike Walkley wrote, "We believe Broadcom is likely to increase its bid".

Last week, Broadcom announced its intent to purchase massive mobile chip maker Qualcomm.

The takeover bid came during a bad year for Qualcomm, which has been locked in battle with Apple. Qualcomms stock closed at $64.57 a share on Friday, however the board of directors believes Broadcoms offer undervalues their company.

On Monday, Qualcomm's (qcom) shares were up to nearly $66, though still below the $70 bid.

Overall, Broadcom's bid is a very ambitious attempt to grow its share of the market for components that go into mobile phones.



Georgia sees decrease in hate crimes; most reported in Cobb County
Trump repeatedly made comments during last year's campaign seen as disdainful toward blacks, Latinos, women and other groups. There were 40 hate crimes reported in the state past year , the highest number of bias-related incidents since 2010.

Light rain showers tonight, cooler weather Monday
We will see increasing clouds through the day and some showers could come through late in the evening to the overnight hours. A cold front will be moving through the area later today, but it will only drop temperatures a couple degrees.

Legendary New York Gossip Columnist Liz Smith, Dead at 94
Even in the ruthless world of gossip, though, those who came after her paid their respects. Its success was due in part to Smith's own celebrity status, giving her insider access.

Federer wins opening match on return to ATP World Tour Finals
"Focus on that first, and then on the return game sort of try your best, try to keep the ball in play, and go from there". Sock is one of four players to qualify for the tournament for the first time .

Alabama battles back to beat Mississippi State
It wasn't just the score - although the Tide was down 24-17 in the fourth quarter and Davis-Wade Stadium was shaking. He then zipped a pass to DeVonta Smith for 26 yards and the game-winning touchdown with 25 seconds on the clock.

Corry Evans apologises for wife's racist rant at Romanian referee
The Irish FA are expecting over 2,000 Northern Ireland fans to travel to the Swiss city for the game but only 1,800 have tickets for the match.

Seamers set up 192 run win for England
Thirty years ago, Mike Gatting's outfit took the traditional English, which is to say slightly shambolic, road to Brisbane. Cook s scratchy start to his Ashes tour continued when he made 32 from 85 balls in the second innings in Adelaide.

Nationalists, anti-facists march through Warsaw on Poland's Independence Day
Many were young men, some with their faces covered or with beer bottles in hand, but families and older Poles also participated. Independence day is taken seriously in Poland , which was wiped off the map for over 120 years prior to 1918.

Lakers rookie Lonzo Ball youngest to triple-double in National Basketball Association history
The Bucks knocked off the Los Angeles Lakers 98-90 on Saturday night to earn their second straight win. Making things more hard for the Lakers were 23 turnovers, which Milwaukee converted for 17 points.

Senegal qualifies for second World Cup after beating South Africa
Two achievements that were enough for Aliou Cissé's men to win this match who have lost in November 2016 because of a poor referee decision.