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Qualcomm’s CEO Says Broadcom Offer Not in Ballpark

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Qualcomm CEO Steve Mollenkopf discusses Broadcom’s takeover offer.(Source: Bloomberg)

Qualcomm Inc. Chief Executive Officer Steve Mollenkopf said a $105 billion takeover offer from rival Broadcom Ltd. is too far off in price to even become the basis for discussions.

Broadcom, which had its $70-a-share offer rebuffed last month, has said it will persist with the bid and wants talks. Qualcomm’s chief said the current offer doesn’t warrant that. Broadcom also has nominated replacement board members at Qualcomm to intensify the pressure for a deal.