Broadcom offers ‘best and final’ offer to Qualcomm — which is playing hard to get
San Francisco — Broadcom said its $121bn acquisition proposal for Qualcomm is the "best and final" offer after the target’s board unanimously rejected the sweetened bid, likely leaving the future of the hostile takeover bid to be decided by shareholders next month. Broadcom CEO Hock Tan urged Qualcomm to meet this weekend to discuss the $82 a share offer and dangled the prospect of an $8bn reverse termination fee in a letter to Paul Jacobs, the board’s chair. Tan said he was "astonished" Qualcomm wasn’t willing to meet until Tuesday, after the companies are scheduled to meet with proxy advisers Glass Lewis and ISS. 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 in a statement on Thursday. The deal would take the form of $82 per share offer, comprising $60 per share in cash and $22 per share in stock, a bump of 17% from its opening offer in November o...
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