Monday, April 23, 2018
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
AMD Details New 35W Ryzen 3 2200GE, Ryzen 5 2400GE APUs With Graphics Built in
Samsung QLED TVs Receive '100 Percent Color Volume' Certification
GSMA Delays eSIM Technology as U.S. DoJ of U.S. Probes Coordination With AT&T and Verizon
Apple to Replace Some MacBook Pro Laptop Batteries
ZTE's Nubia Red Gaming Phone Released
LG Display's OLED Smartphone Screens Still Not Ready For Apple
Nintendo Labo Kits Now Available
June's VLSI Symposium Focuses on Next Generation Transistor Technology and MRAM
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > Mobiles > Qualcom...
Last 7 Days News : SU MO TU WE TH FR SA All News

Monday, February 26, 2018
Qualcomm Admits It's All About Money in Broadcom Offer


Qualcomm on Monday said it will engage in negotiations with Broadcom and that it is open to a potential better takeover offer.

Qualcomm maintained that all of Broadcom's previous offers materially undervalued the company and proposed they conduct mutual due diligence and price negotiations.

In a letter to Broadcom Chief Executive Hock Tan, Qualcomm proposed arranging a meeting focused on price as soon as mutually convenient for both parties.

Qualcomm also softened its approach to Broadcom's commitments on regulatory approval for the deal, saying the path forward did not require a 'hell or high water' commitment. However, the company urged the Singapore-based chipmaker to provide more clarity regarding its plans for Qualcomm's licensing business, which Broadcom has been unwilling to reveal.

"We are willing to jointly select a law firm with antitrust expertise that you would fully brief on your licensing plans," Qualcomm said.

Broadcom cut its bid last week by 4 percent to $117 billion after Qualcomm's decision to raise its own bid for NXP Semiconductors NV to $44 billion, a potential deal breaker for what would be the biggest ever technology merger.

Qualcomm's letter to Broadcom comes ahead of a showdown on March 6, when Qualcomm shareholders are scheduled to elect an 11-member board and decide whether to hand control to a slate of six nominees put forward by Broadcom.

Qualcomm Board proposes entering into a non-disclosure agreement with Broadcom and begin bilateral due diligence, given the large amount of Broadcom stock included in Broadcom's proposal.

Qualcomm also proposes the selection of a law firm with antitrust expertise that Broadcom would fully brief on its licensing plans.

But most importantly, Qualcomm says that the two parties should meet and focus on the price.

Update

Responding to Qualcomm's proposal, Broadcom said that the process outlined by Qualcomm was not "designed to lead to a prompt agreement," and that Qualcomm's "sudden request" to enter into an NDA was "a result of Qualcomm finally beginning to recognize the will of its stockholders."

"Broadcom would be happy to provide confirmatory reverse due diligence upon an agreement on all material terms, including price, as is customary, "the company said.

"If the current Qualcomm board remains unwilling to genuinely engage - and continues with "engagement theater" on this basis - Broadcom looks forward to negotiating in good faith with the newly-elected Qualcomm board following the Qualcomm annual meeting on March 6," Broadcom added.

It took not much time for Qualcomm to respond to Broadcom's latest statement:

"The latest statement issued by Broadcom is disingenuous and clearly intended to create a false impression about Qualcomm’s level of engagement. In fact, Qualcomm has repeatedly attempted to engage with Broadcom on issues including price, including at meetings on February 14 and February 23. In each of those meetings, Broadcom has refused to engage on price.

Earlier today, Qualcomm made a comprehensive proposal that addresses regulatory and other merger agreement issues in order to clear the way for a price discussion with Broadcom. The ball is in Broadcom’s court to let us know whether it is willing to engage with us. Qualcomm’s Board remains unanimous in its view that Broadcom’s current offer of $79.00 per share, as well as the previous offer of $82.00 per share, materially undervalues the company.

Broadcom’s statements about Qualcomm considering moving the date of its annual meeting are false. Qualcomm has no intention of delaying the annual meeting and made that clear to Broadcom during our February 23 meeting."



Previous
Next
Intel Ships First 58G PAM4-Capable FPGA Built for Multi-Terabit Network Infrastructure and NFV        All News        Vivo's Concept Smartphone Has a Half-screen Fingerprint Scanner
Apple to Release 6.5-inch iPhone -Bloomberg     Mobiles News      Vivo's Concept Smartphone Has a Half-screen Fingerprint Scanner

Get RSS feed Easy Print E-Mail this Message

Related News
Qualcomm Unveils the Vision Intelligence Platform for IoT Devices Powered by Camera, AI and Computer Vision
Mediatek Says There Are No Talks With Broadcom
Qualcomm's New Snapdragon 845 Virtual Reality Development Kit Coming In Q2
Qualcomm Director Paul Jacobs to Exit Qualcomm Board
Broadcom Withdraws Offer to Buy Qualcomm After Trump Veto
President Trump Blocks Proposed Takeover of Qualcomm by Broadcom
Broadcom to Redomicile to U.S. by April 3
Buying Broadcom Could be an Option for Intel, If Qualcomm Deal Fail
Broadcom and ST Chips Power the new Galaxy S9: Teardown
Broadcom Committed to Security, 5G Leadership
Broadcom Pledges to Make the U.S. the Global Leader in 5G After Qualcomm Acquisition
Qualcomm Shareholder Meeting Postponed as US Will Examine Broadcom's Offer

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2018 - All rights reserved -
Privacy policy - Contact Us .