On Monday, Qualcomm said in a press release that the San Diego, Calif. -based company's Board of Directors has unanimously rejected the proposed deal. Broadcom said it would seek to engage with Qualcomm's board and management, adding that it had received positive feedback from key customers and stockholders.
This comes after Qualcomm said that the nine men and two women in its board of directors had all agreed that the offered buyout package sorely undervalued Qualcomm's share value and its future growth prospects.
Steve Mollenkopf, Qualcomm's chief executive, said the California company remains confident about its future.
Qualcomm CEO Steve Mollenkopf added that the USA chip maker has a future in mobile, the Internet of Things (IoT), edge computing and networking within the semiconductor industry, and the firm has no doubt of future growth in these areas. "We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G".More news: Cleveland Browns gave yet another game away
More news: 'I would NEVER' call Rocket Man Kim Jong Un 'short and fat'
More news: Southgate names experimental England team to face Germany in Wembley friendly
Broadcom's bid last week represented a 28 percent premium over the closing price of Qualcomm shares on November 2, but analysts were expecting Qualcomm to reject the $70-per-share bid.
Do you think the deal would have been for or against the interests of Qualcomm?
Broadcom Ltd., also announced, in the company of President Donald Trump, that it would bring its corporate address back from Singapore, to Delaware.
Overall, Broadcom's bid is a very ambitious attempt to grow its share of the market for components that go into mobile phones.
Qualcomm's Snapdragon mobile processors are widely used in the smartphones around the world. It is involved in a patent infringement clash with Apple Inc. and is also raising efforts to close its $38 billion acquisition of automotive chipmaker NXP Semiconductors NV after ratifying a deal in October 2016. Tell us down in the comments.