Qualcomm rejects Broadcom's acquisition offer

With that in mind, the company is seeking to strike a balance between continued resistance to Broadcom's takeover and heeding the calls of shareholders who have urged the company to engage with its rival in case it can clinch an attractive deal.

But the question of when still remains.

That amount is already 17% higher than Broadcom's previous bid, which it offered $70 per share. But the latest offer included an increase in Broadcom stock that would be paid to Qualcomm shareholders - $22 per share, up from $10.

"Your proposal is inferior relative to our prospects as an independent company and is significantly below both trading and transaction multiples in our sector", Paul E Jacobs said in the letter.

Broadcom said its new offer for Qualcomm is contingent on that transaction either closing at the originally agreed price, or being abandoned.

It didn't take long for Tan to offer to meet with Qualcomm as soon as today or over the weekend, although the earliest Qualcomm will consider is Tuesday - which is after Qualcomm's and Broadcom's respective meetings with proxy advisors Glass Lewis and ISS.

Broadcom on February 5 raised its bid for Qualcomm to $121 billion and called it Broadcom's "best and final" offer.

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Qualcomm's board of directors has unanimously rejected Broadcom's monster $121bn (£87bn) bid for the chip maker.

Qualcomm's rejection is definitely interesting considering the company's current economic situation.

Qualcomm says only 1.5% of NXP common share "have been validly tendered pursuant to the tender offer and not properly withdrawn". Analysts said the deal would be worth $146 billion, including assumed debt.

The NXP deal still faces an uncertain future as some of its shareholders, including activist hedge fund Elliott Management Corp, have asked Qualcomm to raise its offer.

Is Broadcom willing to commit to take whatever actions are necessary to ensure the proposed transaction closes? NXP shares closed at $115.94 on Thursday, indicating investors were expecting a sweeter deal.

The "termination fee" offer came a day after California-based Qualcomm rejected a record $121 billion hostile bid as too low, while citing a risk that the proposed tie-up could be blocked by regulatory authorities.


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