The source said Qualcomm may meet as early as the board of directors meeting on Sunday to review Broadcom proposed takeover and decide on its strategy.This board meeting revealed that Qualcomm intends to make a brief statement on the refusal of the tender offer by Monday, May decide to spend a few days more preparation this week, in order to refuse broadcom acquisition fully and complete response.
According to sources, QUALCOMM CEO Molenkov has been soliciting feedback from QUALCOMM shareholders over the past few days, arguing that Broadcom's $ 70 per share offer underestimated Qualcomm's value and did not result in regulatory approvals Uncertainty Preparation Risk Premium.
Hock Tan, chief executive of Broadcom, earlier this month said he will relocate his corporate headquarters from Singapore to the United States and is willing to launch a takeover bid for the Qualcomm acquisition, sources said, Submit a list of board members before the nomination deadline on the 8th.
Some sources said Broadcom has also been considering raising its quotes on Qualcomm, including through more debt financing, although it is unclear whether Broadcom will choose to do so.
Qualcomm had tried to acquire NXP (NXP Semiconductors), a maker of automotive chips, for $ 38 billion in October 2016. Broadcom said Broadcom is willing to acquire QUALCOMM whether or not Qualcomm succeeded in acquiring NXP.
NXP's shares have been above Qualcomm bids as many NXP shareholders, including hedge fund Elliott Management Corp, have been fighting for higher prices, and according to one source, Qualcomm does not intend to significantly raise the price of NXP as a Defense Strategy This will make Broadcom acquisition more expensive.
Qualcomm shares closed at 64.57 last Friday, while Broadcom closed at 264.96 US dollars.