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Qualcomm rejects Broadcom's $103-billion takeover bid


By Supantha Mukherjee and Munsif Vengattil(Reuters) - Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd's $103-billion takeover bid, saying the offer undervalued the company and would face regulatory hurdles.Shares of Qualcomm were up 1.8 percent at $65.74 in early afternoon trading, while those of Broadcom were down 0.4 percent at $263.95.Broadcom said it would seek to engage with Qualcomm's board and management, adding that it had received positive feedback from key customers and stockholders. "We continue to believe our proposal represents the most attractive, ...

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First Published: Mon, November 13 2017. 23:43 IST