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Qualcomm rejects Broadcom offer

telecom | 11/13/2017 12:33 pm EST

The board of directors of mobile chipmaker Qualcomm Inc. has unanimously rejected an unsolicited proposal to be purchased by Broadcom Ltd. “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,” Paul Jacobs, the executive chairman and chairman of the board of Qualcomm, said in a press release Monday. The response comes one week after networking giant Broadcom made the offer totalling $130 billion US. It would be one of the biggest ever takeovers in the tech sector. “No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry,” Qualcomm CEO Steve Mollenkopf said in the release, adding the company is confident it will...