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.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Automaker Ford Motor Co. and retail giant Walmart said Wednesday that they are collaborating to explore delivery of grocery and other goods using self-driving vehicles. The companies will partner with San Francisco-based delivery service Postmates to design a service for autonomous-vehicle delivery of goods. Walmart noted that in Miami, Postmates already serves as it's delivery partner. Financial services firm American Express or Amex has filed a patent for a blockchain-based system that can match the images of a receipt with stored records. According to a U.S. Patent and Trademark Office or USPTO patent filing, named "Linking digital images with related records", the system offers a new method to receive, record and transmit images of receipts. Merck KGaA reported Wednesday a sharp decline in its third-quarter profit, while sales increased despite negative currency impacts. Further, the German drugmaker lowered its fiscal 2018 forecast for EBITDA pre, but confirmed organic EBITDA pre view. The company also lifted its organic net sales growth forecast.
Follow RTT