Qualcomm rejects Broadcom's $103 billion offer

Qualcomm will reportedly turn down Broadcom's $100 billion offer

Qualcomm will reportedly turn down Broadcom's $100 billion offer

Another tactic Broadcom could use is to nominate directors for Qualcomm's board ahead of the company's annual general meeting in 2018.

Broadcom might have to forget about taking over Qualcomm without a fight - Reuters sources claim that Qualcomm's board is planning to reject the unsolicited buyout bid. After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty.

Broadcom made the offer just days after its CEO visited the White House to tout the company's plans to move its operations to the U.S.

The company's board of directors will cycle in the coming weeks.

6 offered $70 a share in cash and stock for Qualcomm, seeking to build a powerhouse that leads the market for wireless chips in devices like Apple Inc. iPhones.

Broadcom could not immediately be reached for comment.

Shares of Qualcomm were up 1 percent at US$65.25 in premarket trading, while those of Broadcom fell 0.7 per cent to US$263.

Qualcomm provides chips to carrier networks to deliver broadband and mobile data. According to Reuters, it is now trying to acquire NXP Semiconductors NV, an automotive chipmaker. Broadcom has indicated it is willing to acquire Qualcomm irrespective of whether it closes the NXP deal.

Tan brought up combining the two companies with Qualcomm in August 2016, when Qualcomm's shares traded at significantly higher prices.

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