Qualcomm denies $130bn rival takeover

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Qualcomm draws up plans to rebuff Broadcom's $103 billion offer: sources

Another tactic Broadcom could use is to nominate directors for Qualcomm's board ahead of the company's annual general meeting in 2018.

Inside sources claim that Qualcomms board of directors will reject Broadcoms offer to acquire the Snapdragon chip designer.

Qualcomm has a pending $28.1 billion deal with NXP Semiconductor that's under regulatory review in Europe. That's no small amount of money, and it would have ranked as the tech industry's largest acquisition ever. 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.

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Singapore-based Broadcom made the offer last week in what would have consolidated two major players in the booming sector fueled by growth in smartphones and other connected devices.

Broadcom itself has yet to close its $5.5bn acquisition of Brocade which was announced in November past year, while Qualcomm is still wrangled in regulatory processes following its $38bn deal for Dutch semiconductor NXP. The $105 billion bid does sound a lot but bear in mind that Nvidia's market cap is about $130 billion dollars, a product of great stock performance, but honestly, Qualcomm's portfolio seems broader and shows more potential on the long run.

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.

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On Monday, Qualcomm's (qcom) shares were up to nearly $66, though still below the $70 bid.

The takeover bid came during a bad year for Qualcomm, which has been locked in battle with Apple. "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.

"Qualcomm's "thanks, but no thanks" response to the unsolicited bid by Broadcom isn't surprising and we would be surprised if at this point, Broadcom didn't move forward with a proxy fight", Loop Capital analyst Betsy Van Hees told Reuters.

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