Paul Jacobs, Qualcomm's executive chairman and chairman of the board, said: "The board of directors agreed that Broadcom's acquisition proposal seriously underestimated Qualcomm's value given its leadership in mobile technology and our future growth prospects."
Qualcomm CEO Steve Molenkov said: "Compared with all the other companies in the semiconductor industry, Qualcomm is undoubtedly in the smart phones, Internet of things, automotive, computing and networking technologies have a better position." As we continue to sustain growth in these exciting areas and lead the way towards 5G, we are confident of creating significant additional value for our shareholders. "
Tom Horton, Qualcomm's managing director, said: "The board and management team are particularly focused on creating value for Qualcomm shareholders and after extensive evaluation and consultation with our financial and legal advisors, the board found Broadcom's proposals seriously undervalue Qualcomm's value and exist The immense regulatory uncertainty, and we fully believe that the tactics Steve and his team are implementing can create value for Qualcomm shareholders well above the takeover offer. "