Qualcomm rejects Broadcom's $103 billion offer

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Qualcomm rejected this deal of 103 Billion dollars after an unanimous decision made by the company's directors. It signals directors believe Qualcomm can boost its stock price higher than the offer of $70 a share, a 28% premium to its price November 2, before The Wall Street Journal reported the bid was imminent. Because, though Broadcom is the world's largest WiFi chip manufacturer, they are owned by another company named Avago Technologies.

In a statement released today, Qualcomm's board say the offer "significantly undervalues" the company. But antitrust authorities already have challenged Qualcomm's business practices in several countries, and the combined companies would hold a dominant position in the wireless industry.

$130 billion is a massive number, but if Broadcom sees hope in the future where it brings Qualcomm under its wing, it could very well come back at a later date with an even higher number.

Paul Jacobs, Executive Chairman and Chairman of the Board of Qualcomm Inc. said this about the potential acquisition.

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Overall, Broadcom's bid is a very ambitious attempt to grow its share of the market for components that go into mobile phones.

Qualcomm shares rose 0.8 percent, to $65.11, while Broadcom was off by 1 percent, at $262.24 a share, after the rejection announcement.

In its latest earnings call with analysts, Qualcomm CEO Steve Mollenkopf said the company aimed to close the NXP deal by the end of the year but it could slip until next year. It's also a timely bid Qualcomm, whose earnings this year have been hurt by a global legal fight with Apple over its licensing fees for patents.

Broadcom has also been deliberating the possibility of raising its bid for Qualcomm, including through more debt financing, some of the sources said, although it was not clear when Broadcom would choose to make such a move. "With a more extensive item broadening and a more noteworthy scale, the joined endeavor will be in the position to offer all the more mechanically propelled semiconductor answers for the organization's worldwide customers and lift investor esteem", he included.

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