After Tesla deal, Shanghai to speed up cancellation of foreign ownership limits
Iran vows ‘CONSEQUENCES’ if U.S. undermines Tehran’s oil trade as tensions mount
Austria ready to act at borders if Germany moves on migrants
Rapper Nas invested early in PillPack, Amazon's latest buy
Harley-Davidson to build motorcycles destined for European Union outside of U.S.
Qualcomm rejects Broadcom's final $121 Billion offer
10 February 2018, 02:53 | Cedric Leonard
In a subsequent response to Qualcomm yesterday, Broadcom's management pounced on the offer.
Since Qualcomm's publication of an appeal letter that poked against Broadcom's case for a buyout - including national security and regulatory concerns - the company made a decision to up its offer by 15 percent to $121 billion, about $82 per share.
Broadcom increased its offer on Monday to $82 a share from $70 a share, saying it was its "best and final" offer.
Broadcom's unsolicited bid to acquire Qualcomm has been met with rejection after rejection, but Qualcomm has said it is willing to discuss a potential deal. In the new offer Broadcom, besides a raised valuation, had also invited Qualcomm Chairman Paul Jacobs to join the board of the new entity. On the contrary, Broadcom's CEO, Tan, said that it is surprising that Qualcomm is not prepared to meet until Tuesday and confirmed that Broadcom's proposal incorporates an $8 billion regulatory reverse termination remuneration. Broadcom had offered $121 billion, its "best and final offer", although Qualcomm felt it was "inferior" to its prospects as an independent company. Before that, Broadcom was looking for replacing the entire 12 member Qualcomm board with Broadcom's people.
Qualcomm said on Thursday that it has "unanimously" rejected Broadcom's revised bid, again arguing that the offer "materially undervalues Qualcomm" and "falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction".
Regulation issues aside, this deal is far from straightforward.
The questions suggests that the deal might still happen but a way higher price.
Ultimately, Qualcomm doesn't think Broadcom's offer is all that appealing, especially if it seems that the company doesn't appreciate the value from its recent acquisition of NXP Semiconductor. First, when its shares dropped after Apple's reports indicated that it can strike a deal with Intel in the future. Qualcomm also says that it doesn't take into account the fact that Qualcomm is in the process of acquiring NXP Semiconductors NV.
The "termination fee" offer came a day after California-based Qualcomm rejected a record $121 billion hostile bid as too low, while citing a risk that the proposed tie-up could be blocked by regulatory authorities.
Thermostat maker Nest shifts to Google
Fadell resigned as head of Nest in 2016, but the company kept going under Google's new Alphabet corporate structure. Fawaz informed that Nest had shipped 11 million products since its first thermostat went on sale in 2011.
PLO calls for urgent action plan on Israel
Senior Palestinian official Saeb Erekat said on Twitter the demolition was "the continuation of Israel's humiliation of global law and only aims to break the Palestinian will for freedom and life".
At $69.7, Is Activision Blizzard Inc (NASDAQ:ATVI) A Buy?
It is positive, as 76 investors sold LOW shares while 406 reduced holdings. 33 funds opened positions while 77 raised stakes. Session activity on Activision Blizzard , Inc.(NASDAQ: ATVI ) stock is placing it on today's most active list.
White House aide out after allegations of domestic abuse
The official disputed the assertion that Kelly knew all of these details for months, though other sources told CNN he was aware. White House press secretary Sarah Sanders said she had not discussed the allegations against Mr Porter with Mr Trump.