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Corrected: Qualcomm rejects Broadcom's $103-billion takeover bid


(Corrects paragraph 10 to say Qualcomm board has 11 directors, not 10)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 rose as much as 2.5 percent to $66.17, while those of Broadcom fell as much as 1.3 percent to $261.55."The Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty," Qualcomm's Presiding Director Tom Horton said ...

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First Published: Mon, November 13 2017. 23:04 IST