Qualcomm rejects 'final' Broadcom offer, but is deal actually off?

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Qualcomm, based in San Diego, also said it had offered to meet with Broadcom, which has headquarters in Singapore and Irvine, Calif., to see if it could address the serious deficiencies in value and certainty in its proposal. Mr Tan said he was "astonished" the target wasn't willing to meet until Tuesday, after the companies are scheduled to meet with proxy advisers Glass Lewis and ISS. Last November, Qualcomm fended off another bid by Broadcom to acquire the company for $70 per share, valuing Qualcomm at $105 billion.

He also reportedly said the Qualcomm board would be open to meeting with Broadcom to explore "all options for maximising shareholder value".

"We urge you to meet with us without further delay, and stand ready to meet this Saturday or Sunday in NY or another mutually convenient location", Tan said in a letter to Qualcomm chairman Paul Jacobs. Broadcom said it "welcomes" the move in an official response this morning and expressed a willingness to sweeten the deal.

Broadcom chief executive officer Hock Tan is putting pressure back on Mollenkopf and his board, who have so far refused to negotiate. Stock of his company - formerly called Avago Technologies - ended 2009 at US$18.29.

The fate of Qualcomm's licensing business is a key to its future.

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But Strzok also said he was reluctant to get involved, "in part because of my gut sense and concern there's no big there there". The next day, November 14, 2016, Page wrote, "God, being here makes me angry".

Another element of interest here is that even if the bid was accepted by Qualcomm, chances of it getting approved were quite slim as regulators might have decided that it would affect the balance of power in the smartphone chip market. "Following Qualcomm's announcement today that it is willing to meet with us, we offered to meet with Qualcomm on Friday, Saturday or Sunday".

Qualcomm says only 1.5% of NXP common share "have been validly tendered pursuant to the tender offer and not properly withdrawn". That US$47 billion deal is close to securing final regulatory approval.

NXP shareholders, led by activist hedge fund Elliott Management Corp, are resisting the deal, pushing for Qualcomm to raise its offer.

Qualcomm's initial offer for the acquisition of NXP was noticeably undervalued, even more so now since NXP's shares have consistently increased over the past year. The company is unique in the chip industry because most of its profit comes from charging fees on patents that cover the fundamentals of all modern phone systems.

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