Qualcomm shoots down Broadcom's $103 billion takeover offer

14 November, 2017, 01:41 | Author: Jacqueline Daniels

The bid "significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects", Paul Jacobs, chairman and son of Qualcomm co-founder Irwin Jacobs, said in a statement. Buying out Qualcomm would allow it to quickly realize that goal.

"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", Horton said.

"Qualcomm, headquartered in San Diego, California, expressed that it would assess the proposition in an offer to seek after the technique, which is to the greatest advantage of the investors of Qualcomm". Apparently, it is considering raising its bid, but also wants to submit its own selection of directors for Qualcomm's board.

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Transactions like Comcast's acquisition of NBCUniversal in 2011 are routinely approved with conditions attached. As a candidate, Trump vowed to block the deal because it concentrated too much "power in the hands of too few".

That was a not-so-veiled threat to pursue a hostile takeover if necessary.

Qualcomm could further strengthen its position by closing its proposed $39 billion acquisition of automotive chip leader NXP Semiconductors NV. The board has not made any official statements, but has allegedly met on Sunday to discuss the offer. Tan has suggested he would quickly settle.

Canaccord Genuity analyst Mike Walkley wrote, "We believe Broadcom is likely to increase its bid".

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The bid takes advantage of Qualcomm's weakened position after a year marred by conflicts with Apple Inc. over its patent royalty fees and global regulators alleging anticompetitive business practices.

QCOM shares traded as high as $80 just a few years ago, so it makes sense that the company wouldn't be ecstatic with a $70 takeover offer.

NXP shares have been trading above Qualcomm's bid price, as many NXP shareholders, including hedge fund Elliott Management Corp., have been holding out for a better price.

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Additionally, our math suggests Broadcom has a significant amount of room to play with here (link to our other note today here), and a properly-timed raise to the price (perhaps coincident with more aggressive moves) might easily be plausible.

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