According to Bloomberg News, Qualcomm CEO Steve Morinkov said the $ 100 billion acquisition of Broadcom is too low, not enough to be the basis for negotiations.
Last month Broadcom offered to buy Qualcomm for $ 70 a share, but Qualcomm declined, but Broadcom said it will remain committed to the deal and is looking forward to negotiating with Qualcomm, but Molenkov said the current offer was not negotiable. In an effort to put pressure on the deal, Broadcom also nominated a replacement Qualcomm board member.
At the Washington Economic Club on Thursday, Molenkov said: 'We do not think this quote is acceptable at all, far too far, at least in my opinion, and of course ultimately the decision of the board.'
If Broadcom wish to achieve this acquisition, it will become the science and technology industry's largest transaction ever.
This is the first time Qualcomm CEO talked about the tender offer, saying he is confident about the company's ability to stand alone and solve legal disputes in the future, which are threatening Qualcomm's patent licensing business. Qualcomm is the world's largest maker of handset chips Business
He pointed out that Broadcom and Qualcomm started talks on the possible merger between the two sides last year, but no progress was made.
He said, 'We have discussed that the semiconductor industry is experiencing an integration period, so companies have been discussing the possibility of mergers.