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© swinnerrr dreamstime.com Business | February 09, 2018

Qualcomm rejects Broadcom's revised offer

Qualcomm’s board of directors has unanimously rejected Broadcom’s revised proposal to acquire all of the outstanding Qualcomm shares for USD 82.00 per share.
Following a review of the proposal the board determined that the offer materially undervalues the company. However, Qualcomm has offered to meet with Broadcom to see if it can address the serious deficiencies in value and certainty in its proposal, the company states in a press release.

In an official response letter to Broadcom, Paul E. Jacobs, Chairman of the Board with Qualcomm, says that not only is the proposal undervaluing Qualcomm, but also “falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction.”

One of the issues that Qualcomm has with the revised offer is that it places no value to Qualcomm's pending NXP acquisition, no value for the expected resolution of its current licensing disputes and no value for opportunities existing in 5G.

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February 08 2018 5:15 pm V9.2.4-1