Sunday, 19 November, 2017

Qualcomm to make case to shareholders against Broadcom buyout

FSMNews Broadcom Offers To Buy Qualcomm In $130 Billion Deal
Laurie Berry | 13 November, 2017, 16:38

The preparations for the board meeting indicate that Qualcomm is poised to rebuff the bid as insufficient as early as Monday, although it may decide to spend a few more days this week to prepare its full response to Broadcom, the sources added.

Broadcom is making an unsolicited, $130 billion offer for rival chipmaker Qualcomm, the largest deal ever in the tech industry that will face intense regulatory scrutiny. If shareholders want a deal, they could vote for new board members and force the company to come to the negotiating table.

On November 6, 2017, Broadcom Limited (AVGO) announced a proposal to acquire all of the outstanding shares of Qualcomm for per share consideration of $70.00 in cash and stock.

Qualcomm has officially rejected a blockbuster takeover bid by Broadcom worth $130bn.

Anthopoulos to be named Braves GM
Sherman says the Braves could make an announcement possibly as soon as this week during the GM meetings. Sources say Coppolella has hired a lawyer, though he isn't speaking about the matter.

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.

Broadcom could not immediately be reached for comment.

Qualcomm's shares have been weighed down by its nasty legal battle with Apple over patent royalties, fines from antitrust regulators and slow progress on its planned $38 billion acquisition of NXP Semiconductors.

Qualcomm recommended shareholders spurn the deal, saying it's an opportunistic move by Broadcom to buy the wireless-chip maker on the cheap. Qualcomm does not plan to significantly raise its price for NXP as a defensive strategy to make its acquisition by Broadcom more expensive, according to one of the sources.

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