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Qualcomm rejects Broadcom's $103-billion takeover bid

Staff Writer |
Qualcomm rejected Broadcom’s $103-billion takeover bid, saying the offer undervalued the company and would face regulatory hurdles.

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Broadcom said it would seek to engage with Qualcomm’s board and management, adding that it had received positive feedback from key customers and stockholders.

“We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction,” the company said.

Broadcom made an unsolicited bid last week to buy Qualcomm in an effort to become the dominant supplier of chips used in the 1.5 billion or so smartphones expected to be sold around the world this year.

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