logo
Plus   Neg
Share
Email

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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Chipotle Mexican Grill Inc. is hoping to lure students to its restaurants with its buy-one-get-one or BOGO offer amid the back-to-school rush. The Mexican food chain is offering a special, one day BOGO offer for students nationwide on Saturday, August 18 to celebrate the back-to-school season. The BOGO may be redeemed via a digital order, online or in-app, and in-restaurant. Retail giant Walmart Inc. on Thursday reported a net loss for the second quarter as higher revenues were offset by a one-time charge, among other items. However, both revenue and adjusted earnings per share topped analysts' estimates, while Walmart U.S. same-store sales recorded the strongest growth in more than ten years. The company raised its outlook for fiscal 2019. Electronics retailer Best Buy Co. Inc. (BBY), Wednesday said it has agreed to buy GreatCall Inc. for $800 million in cash. GreatCall is a provider of connected health and personal emergency response services to the aging population, with more than 900,000 paying subscribers. It offers easy-to-use...
Follow RTT