Qualcomm rejects Broadcom's buyout bid

US chipmaker Qualcomm Inc. is making preparations to reject rival Broadcom Ltd’s $103 billion bid as early as this week

US chipmaker Qualcomm Inc. is making preparations to reject rival Broadcom Ltd’s $103 billion bid as early as this week

Due to several reasons, Qualcomm has rejected Broadcom's $130 billion offer and will continue to operate as a separate entity for now. The company wants to sell the chips in everything from Internet of Things (IoT) devices and cars to phones and tablets.

The two companies have largely complementary product lines in wireless communications, and some overlap in areas of that market including Wi-Fi and Bluetooth. Monday's back and forth signaled to Walkley that "Qualcomm's licensing business remains undervalued and both companies believe Qualcomm can resolve its licensing issues with Apple and another leading OEM". In the statement, Qualcomm Chief Executive Paul Jacobs said Broadcom's unsolicited bid is simply not enough for Qualcomm to accept. If Qualcomm had approved the deal, the combined company would have created major changes in the chipmaking industry.

Last week, Broadcom announced its intent to purchase massive mobile chip maker Qualcomm. Qualcomm's profit in the fiscal year ended September 24 plummeted 57%, and its share price sank about 18% in the 12 months leading up to the bid. Qualcomm and Apple have been embroiled in a court dispute over royalties.

Idea Cellular, Vodafone India to sell towers business to ATC Telecom
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Broadcom CEO Hock Tan, who said earlier this month he would redomicile his company to the United States from Singapore, has stated he is open to launching a takeover battle.

Regulators are already scrutinizing Qualcomm's $38-billion acquisition of automotive chipmaker NXP Semiconductors NV. Broadcom is reportedly prepared to up its offer somewhat from its current level, although it's unclear how much higher they might be willing to go. The deal awaits approval in China as well.

"Qualcomm's "thanks, but no thanks" response to the unsolicited bid by Broadcom isn't surprising and we would be surprised if at this point, Broadcom didn't move forward with a proxy fight", Loop Capital analyst Betsy Van Hees told Reuters. However, that price may be hard to hold.

AP Top 25: Miami Up to No. 2 After Routing Notre Dame
Oklahoma State jumped over TCU, moving into the No. 10 spot this week by virtue of its win over Iowa State. The Sooners also moved up a couple of spots in the Coaches Poll , where they are ranked No. 5 this week.

But Qualcomm's beaten down stock price showed far less optimism among investors that a deal could be consummated quickly.

-Cara Lombardo contributed to this article.

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