Qualcomm rejects Broadcom’s $103-billion takeover bid

Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd’s $103-billion takeover bid, saying the offer “dramatically” undervalued the U.S. company.  Shares of Qualcomm were up 1 percent at $65.25 in premarket trading, while those of Broadcom fell 0.7 percent to $263.

“After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom’s proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty,” Qualcomm’s Presiding Director Tom Horton said in a statement.

Full Article: Reuters.com

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