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Qualcomm set to reject $130bn bid from Broadcom

Postby MrFredPFL » Mon Nov 06, 2017 12:37 pm

Story : https://www.ft.com/content/00b4ee74-c2f0-11e7-b2bb-322b2cb39656





Qualcomm is set to dismiss a $130bn unsolicited bid from rival US chipmaker Broadcom, setting up one of the largest ever takeover battles with both sides preparing for a long and vicious campaign.

The bid, which Broadcom unveiled on Monday, marks the culmination of a ferocious consolidation spree in the chip industry by Hock Tan, chief executive of the California-based company.

Qualcomm confirmed that it had received the “unsolicited proposal” and said its directors would assess it. However, the company is not prepared to engage with Broadcom, several people informed on the matter told the Financial Times.

One person close to Qualcomm said the $70-a-share offer was significantly below what the board would consider seriously. Another person described the offer as opportunistic, given Qualcomm’s share price has been depressed following a licensing dispute with Apple.







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