Qualcomm Inc.’s board unanimously rejected a higher acquisition offer from Broadcom Ltd., spurning the largest technology takeover bid in history and likely leaving the future of the hostile $121 billion proposal to be decided by shareholders next month.
The offer “materially undervalues” Qualcomm and “falls well short of the firm regulatory commitment” needed to gain approval for such a transaction, the San Diego-based company said Thursday in a statement. Broadcom reiterated on Friday that its $82 a share proposal is its “best and final” bid, urging the target to meet this weekend. The deal would take the form of $60 in cash and the remainder in Broadcom shares, a bump of 17 percent from its opening offer in November of $70 a share, which Qualcomm also rejected.
