Inside sources claim that Qualcomms board of directors will rejectBroadcoms 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'sMike 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.
"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.
The deal will be available through Cyber Monday (Nov. 27) via the Microsoft Store and participating retailers, including Target . Microsoft says you'll be able to save up to $100 on mixed reality headsets from Acer , Dell, HP, Lenovo , and Samsung.
Fans of Underwood will remember that her bassist, Mark Childer, set her up with his hockey playing friend, Mike Fisher . Her husband, former Nashville Predators Captain Mike Fisher , traveled back to Nashville overnight to be with her.
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.
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.
The news channel further stated that the shell companies were reportedly used to purchase properties by Sasikala . After analysing the documents and obtaining clarifications, tax demand would be raised, the official told IANS.
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.
United Airlines suspends operations to smog-hit Delhi
The company said in a statement Saturday that it had waivers in place for customers traveling to, from or through New Delhi . According to reports, in a bid to not miff its passengers, the airline is also offering travel waivers.
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.
RSS worker hacked to death in Thrissur, BJP blames CPM
Infuriated with the recent killings, the state's BJP and RSS workers have called for a complete shutdown on Monday in Guruvayur. The ABVP had held a "Kerala Chalo" Maha rally in Thiruvananthapuram with the slogan "Marxism is Terror" on Saturday.
Three US carriers lead naval drill aimed at North Korea
President Donald Trump exchanged war-like threats and insults over the North's nuclear and missile development program. Trump will attend a state banquet on Saturday before a welcoming and deal-signing ceremony on Sunday morning.