Qualcomm Incorporated has announced that its Board of Directors unanimously rejected the unsolicited proposal announced by Broadcom Limited on November 6, 2017 to acquire the company for $100 Billion.
Paul Jacobs, Executive Chairman and Chairman of the Board of Qualcomm Incorporated, said - 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 their future growth prospects.
According to Steve Mollenkopf, Chief Executive Officer of Qualcomm Incorporated - No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry. They are confident in their ability to create significant additional value for its stockholders as they lead the transition to 5G.
After a comprehensive review, conducted in consultation with financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty. The strategy Steve and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer - said Tom Horton, Presiding Director for Qualcomm Incorporated.
