Commenting on the recent meeting with Broadcom, Paul Jacobs, chairman of Qualcomm's board, said that Broadcom's offer remains low and essentially asked for a better one.
"While the current Broadcom proposal is unacceptable, our Board is intensely focused on maximizing value for Qualcomm stockholders, whether through executing on its growth strategy or by selling the company," Jacobs said. "Our board is open to further discussions with Broadcom to see if a proposal that appropriately reflects the true value of Qualcomm shares, and ensures an appropriate level of deal certainty, can be obtained," he added.
If such a proposal cannot be obtained from Broadcom, Qualcomm will continuing to execute its "growth strategy", according to Jacobs.
Qualcomm and Broadcom executiveswere met in February 14, following Broadcom's $82.00 per share offer for the acquisition of Qualcomm.
Qualcomm says that the offer undervalues the company and has a high level of risk.
During the meeting, Broadcom representatives expressed a willingness to agree to certain potential antitrust-related divestitures beyond those contained in the company's publicly filed merger agreement. But according to Qualcomm, Broadcom continued to resist agreeing to other commitments that could be expected to be required by the FTC, the European Commission, MOFCOM and other government regulatory bodies.
Qualcomm claims that Broadcom also declined to respond to any questions about its intentions for the future of Qualcomm's licensing business, and that Broadcom insisted on controlling all material decisions regarding Qualcomm's licensing business during the extended period between signing and a potential closing.