Thursday, 18 October, 2018

Qualcomm rejects $121-billion Broadcom offer

A sign on the Qualcomm campus is seen in San Diego California A sign on the Qualcomm campus is seen in San Diego California
Olivia Ford | 15 February, 2018, 03:14

Qualcomm has twice rebuffed Broadcom's $120 billion cash and stock offer, but has agreed to meet this week for discussions.

"In summary", the statement says, "Broadcom's proposal threatens destruction of Qualcomm's value - including through wholesale changes to Qualcomm's licensing program and proposed divestitures of Qualcomm's product businesses - while reserving Broadcom's right to walk away from the deal simply by paying a fee that will inevitably fall short of compensation for the harm inflicted on Qualcomm".

Broadcom requested last week to meet over the weekend, reports Reuters, but has now agreed to meet on Wednesday instead.

Qualcomm responded on Thursday that unless Broadcom will agree to do whatever is necessary to ensure the deal closes, a commitment to divestitures without restrictions often referred to as "hell or high water", it would have to be extremely clear and specific about what actions it would refuse to take.

Before the meeting takes place on 14 February, it is believed that they will each spend some time with advisory companies ISS and Glass Lewis to get their thoughts on the situation.

With that in mind, the company is seeking to strike a balance between continued resistance to Broadcom's takeover and heeding the calls of shareholders, who have urged the company to engage with its rival in case it can clinch an attractive deal.

Other clients include Huawei Technologies, LG Electronics, Oppo, Sony Corp, Vivo and Xiaomi, all of which make smartphones. However, Qualcomm has offered to meet with Broadcom to see if it can address the reported serious deficiencies in value and certainty in its proposal, the release stated.

A date for a meeting between Qualcomm and Broadcom had not been finalised as of Friday morning.

Broadcom made its first offer on November 6 following a visit by its CEO to the White House, where he met President Donald Trump and announced plans to move the tech company back to the United States from Singapore.

"Broadcom completely ignores the reality that in the last five years, several large, complex global mergers involving multiple regulators have taken over 18 months".

$8 billion if the deal fails to win regulatory approval.

Under the terms of the agreement, Qualcomm shareholders would be awarded $82 per share as $60 in cash and $22 in Broadcom stock.

This offer, too, was unanimously rejected by Qualcomm's board of directors.

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