Broadcom has been wanting to get a hold of Qualcomm to become even bigger.
Qualcomm's board of directors issued a statement on Thursday saying that they are turning down Broadcom's $121 billion bid to buy the competing chipmaker. Broadcom had offered $121 billion, its "best and final offer", although Qualcomm felt it was "inferior" to its prospects as an independent company. Another hold-up comes in the form of activist NXP shareholders resistant for the deal and are asking for a higher price.
"I was astonished to hear that Qualcomm is not willing to meet until Tuesday", Tan said, and added that he and Broadcom officials are willing to meet with Qualcomm on Saturday or Sunday to iron out a deal. Broadcom said it "welcomes" the move in an official response this morning and expressed a willingness to sweeten the deal. Qualcomm shareholders will have their say on March 6 when they choose between Broadcom's slate and the existing board. Today, Broadcom said that the offer includes $82 per share and it is their 'best and final'.
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According to the FT, the deal will also likely fend off a hostile takeover bid from semiconductor giant Broadcom.
Qualcomm's contention that the chipmaker's future is brighter as a standalone company has become a tougher sell, given the multiple challenges that have cropped up in the past two years.
Broadcom is prepared to acquire Qualcomm for an aggregate of $82.00 per Qualcomm share, consisting of $60.00 in cash and the remainder in Broadcom shares.
This proposal to acquire Qualcomm is extremely compelling compared to any other alternative available to Qualcomm, with or without the acquisition of NXP, and we believe any responsible board would engage with us, without further delay, to turn this proposal into an executed definitive agreement. Your proposal ascribes no value to our accretive NXP acquisition, no value for the expected resolution of our current licensing disputes and no value for the significant opportunity in 5G. It is indisputable that there are significant regulatory hurdles in your proposed transaction. Speaking of regulatory approval, Qualcomm's letter asks Broadcom if it is willing to take whatever actions are required to close the transaction. The company fears losing customers during or after an extended regulatory review period, and if the merger did not close, could see its business model threatened.