Qualcomm could reject Broadcom bid this week

Reuters

Reuters

In addition, according to Presiding Director of Qualcomm Tom Horton, there was also "significant regulatory uncertainty" which put Qualcomm on edge - which could have led to outright regulatory rejection, complicated discussions, and a long road to meet legal requirements and maintain value. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States. "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.

The company's board of directors will cycle in the coming weeks.

The original approach came on November 6, when Broadcom offered $70 per share for Qualcomm.

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The sources asked not to be identified because the deliberations are confidential.

Broadcom shares are down $1.96, or 0.7%, at $263.

ZDNet has reached out to Broadcom and will update if we hear more.

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Qualcomm, an early pioneer in mobile phone chips, supplies so-called modem chips to phone makers such as Apple, Samsung and LG that help the phones connect to wireless data networks.

Broadcom doesnt care about the outcome of that deal – it has stated that it wants to acquire Qualcomm with or without NXP.

Qualcomm stock, which rallied on the report of the offer, has traded below the bid price on skepticism that a transaction can be completed.

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A sale to Broadcom would also need a nod from the antitrust officials, who are still considering Qualcomm's purchase of NXP.

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