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Qualcomm rejects Broadcom's raised offer, extends timeline for NXP
10 February 2018, 05:59 | Lionel James
Qualcomm rejects Broadcom's revised takeover bid
The Qualcomm subsidiary working to acquire NXP extended to February 23 the cash tender offer period afforded NXP shareholders looking to agree to sell their stock in the Dutch semiconductor firm for $110 per share.
Tan said he was "astonished" that Qualcomm would not meet until after the advisory session has been and gone, and has pleaded that the company "meet with us without further delay". This later lead to Broadcom nominating several new names to Qualcomm's board of directors in an effort to force negotiations to take place.
"Broadcom has long sought a meeting to discuss Broadcom's acquisition of Qualcomm". In a statement on Thursday, the San Diego based company said that the bid substantially undervalues Qualcomm and is well short of its regulatory commitment required to gain support for such a deal.
"However, the board is committed to exploring all options for maximizing shareholder value, and so we would be prepared to meet with you to allow you to explain how you would attempt to bridge these gaps", noted the letter. "It is indisputable that there are significant regulatory hurdles in your proposed transaction", Jacobs wrote.
Broadcom on Monday increased its offer to buy Qualcomm to $82 per share from $70 per share.
Broadcom Ltd plans to raise its bid for Qualcomm Inc to around $120 billion, both Bloomberg and Reuters reported today citing unnamed sources, as it tries to force Qualcomm to come to the table in what would be the largest-ever technology deal.
It believes Broadcom needs to offer a "hell-or-high-water" legal commitment to complete the deal irrespective of divestitures that antitrust watchdogs around the world may require. Qualcomm's chairman, Paul Jacobs, wrote a letter to Broadcom's president, and said that this proposal has raised more questions.
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