Broadcom's $121 Billion Bid for Qualcomm Unanimously Rejected
Broadcom's buyout bid for Qualcomm fell apart after Qualcomm's board of directors issued a statement, Thursday, saying that they are "unanimously" rejecting the $121 billion offer.
Broadcom had recently revised its offer, increasing it from the initial offer of $70 per share. The Qualcomm board in a statement told Broadcom that "your proposal ascribes no value to our accretive NXP acquisition, no value for the expected resolution of our current licensing disputes and no value for the significant opportunity in 5G. Your proposal is inferior relative to our prospects as an independent company and is significantly below both trading and transaction multiples in our sector."