Economy

Broadcom Offers To Buy Qualcomm In $130 Billion Deal

Broadcom Offers To Buy Qualcomm In $130 Billion Deal

Qualcomm Chief Executive Steven Mollenkopf has spent the past few days soliciting feedback from Qualcomm shareholders, and feels that Broadcom's $70-per-share bid undervalues the company and does not price in the uncertainty associated with getting the deal approved by regulators, according to the sources.

According to a report from Reuters, it seems that Qualcomm is looking for a way to reject Broadcom's takeover bid.

On the other hand, Hock Tan, Broadcom CEO who said earlier this month he would revive his company's presence in the United States from Singapore, said he is open to initiating a takeover battle. That being said, all of this could be decided as early as next week, with Qualcomm's board of directors reportedly planning on meeting on Sunday to review the offer and come up with a strategy. It can get dirty from here, with Broadcom hoping to choose its own directors for Qualcomm's board, and if shareholders wants a deal, they can vote in new board members and force Qualcomm to negotiations. Broadcom says its proposal is a 28 percent premium over the closing price of Qualcomm common stock on November 2, the last "unaffected" trading day for the companies.

More news: Applied Materials (NASDAQ:AMAT) Earning Somewhat Favorable Press Coverage, Study Finds

The sources said that Broadcom has also been considering the likelihood of increasing its bid for Qualcomm, including through more debt financing. Broadcom has shown its willingness to buy Qualcomm regardless of whether it closes the NXP deal.

Qualcomm shares closed at $64.57 on Friday, while Broadcom ended at $264.96.


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