Qualcomm rejects Broadcom's 'best and final' takeover bid

Broadcom Offers $123 Billion For Qualcomm

Qualcomm Inc warned on Friday it could lose two large clients if it accepted chipmaker Broadcom Ltd's revised $121 billion buyout offer and said it saw no path to regulatory approval of any deal. Qualcomm ultimately decided that being acquired by Broadcom only undervalues the company itself and its acquisition for NXP Semiconductors.

Qualcomm said it needs Broadcom to be clear about what actions it would refuse to take, so it can evaluate the risk.

The move comes ahead of a Qualcomm shareholder meeting scheduled for 6 March, when Broadcom is seeking to replace Qualcomm's board of directors by nominating its own slate for election.

With Qualcomm's crucial shareholder's meeting less than a month away, Broadcom is waging a proxy battle for control of the company.

Besides not offering enough greens, the board of directors also said the offer fell "well short" of firm regulatory commitment, necessary given there are significant downside risks of a failed transaction.

Qualcomm isn't ready to throw in the towel, however, as the company has offered to meet with Broadcom so they can explain how they would bridge the gaps in both value and deal certainty.

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In his open letter to Broadcom's CEO, Qualcomm's Chairman Paul Jacobs wrote that Broadcom's proposal is less compared to Qualcomm's prospects as an independent business.

Broadcom had originally bid US$104 billion (~RM413 billion) for Qualcomm back in November 2017.

Broadcom's last offer to Qualcomm was labelled a "Best and Final Offer".

Broadcom has been wanting to get a hold of Qualcomm to become even bigger. Regulators may decide that it would be nearly a monopoly on the smartphone chip market.

Broadcom added that it met with Qualcomm's largest shareholders in the past week, and had "no doubt" that reaching a deal on a merger "is their strong desire as well".

The greatest concern centers around Qualcomm's lucrative technology-licensing business. Qualcomm has countered that it expects to win in court over time and overturn some of the more than $4 billion it has been fined. Jacobs said. The letter said the bid "ascribes no value" to NXP or to Qualcomm's plans to roll out new devices for the fifth generation of wireless networks known as 5G. The $47 billion deal awaits final regulatory approval.

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