It can get dirty from here, with Broadcom hoping to choose its own directors for Qualcomm's board, and if shareholders wants a deal, they can vote in new board members and force Qualcomm to negotiations.
Broadcom offered $60 a share in cash and $10 in stock for Qualcomm - a 28 percent premium over the company's share price before news of the bid leaked on November 3 - making it the largest tech deal ever. "ORCRP002286-topic.html" class="local_link" >Broadcom's unsolicited $103 billion bid as too low, setting the stage for a hostile proxy fight for control of the company.
"It is the board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the Company's leadership position in mobile technology and our future growth prospects", executive chairman Paul Jacobs said in a release. Broadcom could also increase its bid to enhance the deal's appeal. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States.
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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. According to Reuters, it is now trying to acquire NXP Semiconductors NV, an automotive chipmaker.
Qualcomm stock, which rallied on the report of the offer, has traded below the bid price on skepticism that a transaction can be completed. Qualcomm's fiscal year ended in September and it typically holds its annual shareholder meeting in March.