Mobile chipmaker Qualcomm on Monday rejected rival Broadcom’s $103 billion takeover bid, saying the offer “dramatically” undervalued the U.S. company.
Shares of Qualcomm were up 1 percent at $65.25 in premarket trading, while those of Broadcom fell 0.7 percent to $263.
“After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom’s proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty,” Qualcomm’s Presiding Director Tom Horton said in a statement.
Ref
https://en.ocworkbench.com/mobile-news/broadcom-hostile-bid-for-qualcomm-will-it-succeed/
Qualcomm board rejects Broadcom’s proposal from CNBC.