Qualcomm draws up plans to rebuff Broadcom's $103 billion offer

Qualcomm will reportedly turn down Broadcom's $100 billion offer

Broadcom has said it would prefer amicable negotiations, but a person familiar with Chief Executive Hock Tan's thinking believes he would be willing try to elect directors to Qualcomm's board who will favor the deal.

Broadcom's bid last week represented a 28 percent premium over the closing price of Qualcomm shares on November 2, but analysts were expecting Qualcomm to reject the $70-per-share bid.

Broadcom presented a US$130 bn offer for Qualcomm, its adversary chip producer. And that doesn't take into account ending Qualcomm's royalty rate feuds with Apple (aapl) and another unidentified phonemaker that are costing the company another $3 billion a year or more.

In an email, a Qualcomm spokesperson said the company "won't have any comment beyond this statement".

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"The board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty", Qualcomm presiding director Tom Horton said in a statement. It said its dominance of the mobile processors market and future growth prospects mean it is unable to accept Broadcom's valuation.

This is just not how these big acquisitions work, usually, these companies sit together, work for a while and try to negotiate important details and then go to the public. That would permit Qualcomm shareholders to vote to change the company's board and force it to engage with Broadcom. Qualcomm does not plan to significantly raise its price for NXP as a defensive strategy to make its acquisition by Broadcom more expensive, according to one of the sources. Today's Broadcom is the product of a $37 billion combination in 2016 between Avago, a Singapore-based company that was once part of a former unit of pioneering PC maker Hewlett-Packard, and Broadcom, another company with origins in Southern California which made chips for tablets, smartphones and other telecom and cable applications.

Broadcom itself has yet to close its $5.5bn acquisition of Brocade which was announced in November a year ago, while Qualcomm is still wrangled in regulatory processes following its $38bn deal for Dutch semiconductor NXP. "We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G (mobile technology)".

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