Technology Qualcomm rejects Broadcom's $103 billion takeover bid

07:40  14 november  2017
07:40  14 november  2017 Source:   Reuters

Broadcom Plans $100 Billion Qualcomm Deal to Build Chip Colossus

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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% at .25 in premarket trading, while those of Broadcom fell 0.7% to 3.

Mobile chipmaker Qualcomm Inc on Monday (Nov 13) rejected rival Broadcom Ltd’ s $ 103 - billion takeover bid , saying the offer undervalued the company and would face regulatory hurdles.

LAS VEGAS, NV - JANUARY 10:  The new Lenovo television is shown during a presentation by Qualcomm at the 2012 International Consumer Electronics Show at The Venetian on January 10, 2012 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 13 and is expected to feature 2,700 exhibitors showing off their latest products and services to about 140,000 attendees.© Kevork Djansezian/Getty Images LAS VEGAS, NV - JANUARY 10: The new Lenovo television is shown during a presentation by Qualcomm at the 2012 International Consumer Electronics Show at The Venetian on January 10, 2012 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 13 and is expected to feature 2,700 exhibitors showing off their latest products and services to about 140,000 attendees. 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, while those of Broadcom fell.

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Mobile chipmaker Qualcomm Inc on Monday (Nov 13) rejected rival Broadcom Ltd’ s $ 103 - billion takeover bid , saying the offer undervalued the company and would face regulatory hurdles.

Mobile chipmaker Qualcomm Inc. rejected rival Broadcom Ltd.’ s US$ 103 - billion takeover bid , saying the offer undervalued the company and would face regulatory hurdles, Reuters reports.

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Qualcomm Inc

QCOM

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Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd' s $ 103 - billion takeover bid , saying the offer "dramatically" undervalued the US company.

(Reuters) - Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd’ s $ 103 - billion takeover bid , saying the offer undervalued the company and would face regulatory hurdles.

66.49
+1.92
+2.97%
Broadcom Ltd

AVGO

265.01
+0.05
+0.02%
NXP Semiconductors NV

NXPI

115.65
-0.40
-0.34%
Apple Inc

AAPL

173.97
-0.70
-0.40%

"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.

Broadcom made an unsolicited bid last week in its efforts to become the dominant supplier of chips used in the 1.5 billion or so smartphones expected to be sold around the world this year.

Reuters reported on Sunday that Qualcomm would rebuff the $70 per share offer, citing people familiar with the matter.

Broadcom could not immediately be reached for comment.

The offer also comes at a time when Qualcomm is trying to close its pending $38-billion acquisition of automotive chipmaker NXP Semiconductors NV.

Report shows skepticism on trade with China

  Report shows skepticism on trade with China OTTAWA - A sweeping federal report shows that Canadian businesses aren't sure a free trade pact will solve all the concerns they have about dealing with China. The newly released report summarizes the issues that more than 600 businesses, academics and civil society groups believed must be resolved before Canada signs a free trade deal with China. Among those concerns was that further liberalizing trade could kill Canadian businesses and jobs as companies can't compete because of lax labour standards, lower environmental requirements, and state subsidies in China, the report says.

Nov 13 (Reuters) - Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd' s $ 103 - billion takeover bid , saying the offer "dramatically" undervalued the U. S . company.

Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd' s $ 103 - billion takeover bid , saying the offer "dramatically" undervalued the U. S . company. Shares of Qualcomm were up 1 percent at .25 in premarket trading, while those of Broadcom fell 0.7 percent to 3.

Broadcom has indicated it is willing to buy Qualcomm irrespective of whether it closes the NXP deal.

A sale to Broadcom would also need a nod from the antitrust officials, who are still considering Qualcomm's purchase of NXP.

Qualcomm, an early pioneer in mobile phone chips, supplies so-called modem chips to phone makers such as Apple, Samsung and LG that help the phones connect to wireless data networks.

"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry," Qualcomm's Chief Executive Steve Mollenkopf said.

"We are confident in our ability to create significant additional value for our stockholders."

OnePlus inadvertently left a backdoor on its phones .
It's the second security flaw in as many months.At first glance, it looks like this is an accident rather than any kind of malicious behavior. The app is normally hidden until you tell Android to show system apps, so you might not notice it unless you went looking for it.

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