Qualcomm Board of Directors Will Reject Broadcom's $100 Billion Acquisition This Week
Netease Technology News November 13 news quoted Reuters sources informed sources, the US chip maker Qualcomm may be the first to reject the offer from Broadcom this week.
According to sources, Qualcomm’s board of directors may hold a meeting on Sunday as soon as possible to review Qualcomm’s offer for purchase and formulate a response strategy. The preparatory work on the board of directors shows that Qualcomm has prepared to reject Broadcom’s offer on Monday, and it may take some time for the company to prepare a more comprehensive response.
Sources also said that in the past few days, Qualcomm CEO Steven Mollenkopf has been asking shareholders for feedback on the acquisition, he believes that the $ 70 per share offer underestimated the value of the company, and there is no Considering the regulatory agency's uncertainty about the approval of the transaction.
Hock Tan, chief executive of Broadcom, said earlier this month that he will move the company from Singapore back to the United States and be ready to launch a takeover battle. According to sources, Broadcom is preparing to submit a group of director candidates before Qualcomm’s December 8 nomination deadline. This will allow Qualcomm shareholders to vote for the replacement of the board of directors and force the latter to approve the transaction with Broadcom.
According to sources, Broadcom is also considering increasing the possibility of quotations, including more debt financing. However, it is not clear whether Broadcom will eventually choose to do so.
Due to confidentiality, the source requested to remain anonymous. Both Broadcom and Qualcomm did not respond to Reuters requests for comment.
Qualcomm provides chips to operators, transmitting broadband and mobile data. Qualcomm and Apple filed a long-standing patent battle for patent disputes. At the same time, Qualcomm also tried to complete the acquisition of NXP Semiconductors' $38 billion as early as possible.
NXP's share price has been trading above the level quoted by Qualcomm, and shareholders including hedge fund Elliott are hoping to get a higher offer. According to sources, Qualcomm does not intend to use NXP's purchase price as a defensive measure, allowing Broadcom to face higher purchase costs.
Qualcomm shares closed at $64.57 on Friday, and Boad closed at $264.96. (Sun Wenwen)
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