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Qualcomm Board Rejects Proposal By Broadcom; Qualcomm Offers To Meet

Qualcomm Inc. (QCOM) announced its Board has unanimously rejected the revised non-binding, unsolicited proposal by Broadcom Limited (AVGO) to acquire all of the outstanding shares of Qualcomm, which Broadcom announced on February 5, 2018. 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 Board has reviewed your February 5, 2018 letter proposing to acquire Qualcomm for a combination of $60.00 in cash and $22.00 in Broadcom shares per Qualcomm share. The Board has unanimously determined that your amended offer materially undervalues Qualcomm and falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction."

On November 13, 2017, Qualcomm's Board unanimously rejected Broadcom's non-binding, unsolicited proposal to acquire Qualcomm for $70.00 per share ($60.00 in cash and $10.00 in Broadcom stock). On December 4, 2017, Qualcomm's Board unanimously determined not to nominate any of the 11 candidates assembled by Broadcom and Silver Lake Partners.

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