Deals
Qualcomm Rejects Broadcom's Offer, Says Open to More Talks
- Chipmaker’s board said meeting Wednesday was “constructive”
- Price still seen too low and concern about antitrust issues
This article is for subscribers only.
Qualcomm Inc.’s board said discussions with Broadcom Ltd. failed to persuade the chipmaker to sign off on a $121 billion takeover offer, making it more likely shareholders will get to decide on the fate of the deal. At the same time, Qualcomm said it found the meeting on Wednesday to be “constructive,” and that it would be open to further discussions.
“The board remains unanimously of the view that this proposal materially undervalues Qualcomm and has an unacceptably high level of risk, and therefore is not in the best interests of Qualcomm stockholders,” Qualcomm said in a letter to Broadcom Friday.