Deal or No Deal? Qualcomm's Board Rejects Broadcom's Offer on Valuation and Regulatory Concerns
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...Qualcomm is engaged in the development and commercialization of foundational technologies for the wireless industry. The company's segments include: Qualcomm CDMA Technologies, which is a developer and supplier of integrated circuits and system software based on code division multiple access, orthogonal frequency division multiple access and other technologies; Qualcomm Technology Licensing, which grants licenses or otherwise provides rights to use portions of its intellectual property portfolio, which, among other rights, include certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products; and Qualcomm Strategic Initiatives, which makes investments.
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