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Broadcom Could Raise Its Blockbuster Bid For Qualcomm

14 November 2017

Qualcomm holders might not like Broadcom's $70-per-share offer for the stock, but "we aren't that far away from something that might seem more palatable ($80-ish?)" he thinks. 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. Tom Horton, the company's Presiding Director of Qualcomm, Inc., also said that the uncertainty of the proposed acquisition also had something to do with the rejection.

In a statement released Monday, Qualcomm executive chairman Paul Jacobs said, "It is the Board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the Company's leadership position in mobile technology and our future growth prospects". Under Broadcom's proposal, Qualcomm stockholders would receive per share and it will consist of $60.00 in cash and $10.00 per share in Broadcom shares.

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The unsolicited offer made by Broadcom on 6 November was part of an effort by the chip supplier to become the dominant force in the sale of the technology to the manufacturers of the estimated 1.5bn smartphones expected to be sold across the globe in the coming year.

In an email, a Qualcomm spokesperson said the company "won't have any comment beyond this statement". A combination with Broadcom would not have propelled it past industry leaders Intel and Samsung.

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On the other hand, Hock Tan, Broadcom CEO who said earlier this month he would revive his company's presence in the United States from Singapore, said he is open to initiating a takeover battle.

Broadcom, meanwhile, is seeking to buy U.S. rival Brocade Communications in a deal being reviewed by Washington.

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On the other hand net NPAs also lower at 5.43 percent against 5.97 percent on quarter-on-quarter basis. Almost half of these came from the agriculture and small and medium enterprises accounts.

San Diego-based Qualcomm said the bid undervalues the company's position in thriving areas in the semiconductor industry like mobile, "internet of things", automotive, edge computing and. "We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders".

Broadcom Could Raise Its Blockbuster Bid For Qualcomm