Qualcomm rejects Broadcom's 'best and final' takeover bid

Tony Crowell

However, Qualcomm has said that the offer was "unanimously" rejected, with the company arguing that it "falls well short of the firm regulatory commitment" required.

"We hope that your willingness to meet with us reflects Qualcomm's genuine intent to reach an agreement with respect to our February 5 proposal", Broadcom CEO Hock Tan told Qualcomm Executive Chairman Paul Jacobs in a letter published by Broadcom.

In a letter to Broadcom's CEO, Qualcomm outlined a number of questions it wants answered in talks with Broadcom, including whether this is really the company's "final" price, or could it pay more than United States dollars 82 per Qualcomm share.

The questions suggests that the deal might still happen but a way higher price.

Tan said he was "astonished" that Qualcomm would not meet until after the advisory session has been and gone, and has pleaded that the company "meet with us without further delay".

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Qualcomm's contention that the chip maker's future is brighter as a standalone company has become a tougher sell, given the multiple challenges that have cropped up in the past two years. This is partly because it doesn't think Broadcom is appreciating the value gathered from Qualcomm's recent acquisition of NXP Semiconductor. By sweetening the offer, he's also improving prospects for his nominations to Qualcomm's board in a shareholder vote next month. Qualcomm primarily licenses its technology for the delivery of broadband and data, a business that would significantly benefit from the rollout of 5G wireless technology.

Added Tan: "We want to reiterate that $82 per Qualcomm share is our best and final offer". Qualcomm wants Broadcom to pay for things the acquirer doesn't necessarily want, like the restoration of the status quo in Qualcomm's licensing business and the completion of its troubled acquisition of NXP Semiconductors NV.

In a letter to Qualcomm board members this week, Tan called the offer "extremely compelling compared to any other alternative available to Qualcomm" and called on the board to open talks on the proposal.

The chipmaker said "your proposal ascribes no value to our accretive NXP acquisition, no value for the expected resolution of our current licensing disputes and no value for the significant opportunity in 5G".

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