Deals
Qualcomm Rejects Broadcom’s Bid, Setting Up $105 Billion Proxy Fight
- Board says Broadcom offer low; closing faces regulatory risks
- Broadcom says its determined to go ahead with acquisition
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Qualcomm Inc. rejected Broadcom Ltd.’s $105 billion acquisition offer, kicking off what would be the largest technology takeover battle in history.
The San Diego-based company recommended shareholders spurn the deal, saying it’s an opportunistic move by Broadcom to buy the wireless-chip maker on the cheap. Qualcomm also said the transaction may face regulatory scrutiny that would cast doubt on its completion.