Broadcom Limited should remain on the M&A hunt for quite some time.
As expected, Qualcomm’s board unanimously rejected Broadcom’s unsolicited $105 billion offer to acquire the embattled semiconductor firm. Broadcom announced that it remains fully committed to the acquisition, suggesting that it may raise its bid. Given that the $70 per share offer ($60 in cash and $10 in stock) is only modestly above our unchanged $68 fair value estimate for narrow-moat Qualcomm, we reiterate our view that this is an opportunistic move by Broadcom to take advantage of Qualcomm’s...
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