The release stated that the proposal materially undervalued Qualcomm and falls well short of the firm's regulatory commitment.
Mobile technologies solutions provider, Qualcomm Incorporated has announced that its Board of Directors has unanimously rejected the revised non-binding, unsolicited proposal by Broadcom Limited to acquire all of the outstanding shares of Qualcomm for $82.00 per share ($60.00 in cash and $22.00 in Broadcom stock), which Broadcom announced on February 5, 2018.
The Qualcomm Board, assisted by its financial and legal advisors, determined that the Broadcom proposal materially undervalues Qualcomm and falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction. 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.
