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Qualcomm rejects Broadcom's $103-bn takeover bid, says offer undervalued

Broadcom has indicated it is willing to buy Qualcomm irrespective of whether it closes the NXP deal


Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd's $103-billion takeover bid, saying the offer "dramatically" undervalued the US company. Shares of Qualcomm were up 1 per cent at $65.25 in premarket trading, while those of Broadcom fell 0.7 per cent to $263. "After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty," Qualcomm's Presiding Director Tom Horton ...

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First Published: Mon, November 13 2017. 20:47 IST