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Qualcomm rejects Broadcom's $103 billion offer

Qualcomm rejects Broadcom's $103 billion offer

On Monday, Qualcomm said in a press release that the San Diego, Calif. -based company's Board of Directors has unanimously rejected the proposed deal.

Broadcom's response suggests "the potential of a fully-hostile bid, complete with proxy fight, could be building, with the nomination deadline for Qualcomm's board fast approaching".

"Broadcom's proposal significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects", Jacobs said.

Hawk Tan, the Chief Executive at Broadcom, said in an announcement that this integral exchange will put the joined undertaking as a pioneer in the worldwide correspondence advertises with an wonderful arrangement of items and advancements. "We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction".

This comes shortly after Qualcomm filed another lawsuit against its main chip purchaser, Apple, claiming that it broke a confidentiality clause found in its contract.

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Beyond that, Qualcomm CEO Steve Mollenkopf said today he and the board of directors believe that the company can further create value for shareholders with the upcoming transition to 5G.

Qualcomm has a message for its prospective buyer: Sorry, but we're worth more than you think.

Broadcom has also been deliberating the possibility of raising its bid for Qualcomm, including through more debt financing, some of the sources said, although it was not clear when Broadcom would choose to make such a move.

Broadcom Ltd., also announced, in the company of President Donald Trump, that it would bring its corporate address back from Singapore, to Delaware. Broadcom did not immediately return a request for comment. Qualcomm, famous for inventing 2G and 3G wireless network technology, now sells the mobile chips for smartphones and the radios that enable cellular communications. Qualcomm investors would get a $60 payment and $10 of equity in Broadcom for every share of Qualcomm stock they own.