Boton recently offered a $130 billion Qualcomm (Qualcomm) takeover, promoted to full-blown malicious buying and the case, after a high-pass official statement that it refused to open a $70-a-share condition, nearly 3 weeks ago, although Qualcomm investors released the wind ball to improve the bid, But after Thanksgiving, the final decision is not to improve the purchase price, but to replace Qualcomm's existing board members, the nomination of their own men to take the lead, to promote the merger case, Bo Tong This is undoubtedly the firing of a proxy battle. However, to win a hostile takeover war, a number of factors are needed to tie in with each other, changing the composition of the board members of the acquisition and target companies, although the necessary conditions are not the only ones. Second, it is also necessary to meet the shareholder's consideration of the purchase price and to try to pass a similar test, including the anti-monopoly law, by regulators. According to Dealogic, as many as 57% of the world's malicious mergers and acquisitions have failed since 2010, which means that even if it has 11 directors, it may not be successful in seeking a vote at the shareholders ' meeting. Qualcomm's board of Directors is re-elected once a year, and the company is scheduled to hold its annual shareholder meeting on March 6, 2018. In fact, the move to nominate its own director is a fact that many analysts have raised the possibility at the beginning of the together. Although the move to nominate directors is a precursor to a future shareholder vote on a takeover, it is no doubt that the decision to buy together is placed in the hands of Qualcomm's shareholders. One of the reasons for Qualcomm's official rejection of the Bo-Tong takeover is that the takeover bid is too low, excessive underestimation of Qualcomm's value, given that Qualcomm is both the wireless domain and the mobile domain's largest patent holder, Qualcomm every move not only affect the electronics industry market in each corner, the company more Hoder into the 5G era, Qualcomm rebuffed reasons, In fact, it is tenable. However, Bo did not propose any long-term innovation and development for Qualcomm. If Bo Tong takes over Qualcomm seriously, for the rest of the shareholders, Qualcomm's long-term growth is likely to be limited, this is the Qualcomm management team has been emphasizing the focus, but also the Bo Tong has not clarified the blind spot. As far as Qualcomm's shareholder composition is known, up to 78% of Qualcomm's shares are owned by legal persons, including a small share of Bo's shares, and large asset management companies including BlackRock, Vanguard, State Street and Fidelity, Bank of America, Wells Fargo, etc., is one of Qualcomm's major shareholders, in view of the Qualcomm's high pass acquisition case, it is impossible to buy the vast majority of the stock market, so for other shareholders, Qualcomm whether it is independent or acquired, the future growth potential of its business, in fact, the focus of the majority of legal interests. In contrast, the challenge for Qualcomm to contend with the money offensive of Bo Tong is how to convince shareholders that their current business model and corporate strategy are actually more valuable for long-term ownership. In the past 6 years, the share price of Bo Tong has grown by more than 700%, but at the same time, Qualcomm's share price rose only 21%, for many Wall Street investment legal persons, the past few years, Qualcomm is no longer the Golden Rooster in their former eyes; If a Qualcomm shareholder chooses to make a bona-tong takeover case, not only is there an opportunity for the end of the game, there is even an opportunity to increase the increase in the shares of Bo Tong, with nearly 80% of the Qualcomm shareholders are corporate shareholders, these large shareholders not only grasp the influence of the board election, but also grasp the decisive factor in the acquisition Qualcomm's case. From now until early next March, Qualcomm held its annual shareholder meeting, there are 3 months to go, and a lot of things can happen in the meantime, the NXP. The acquisition of the semiconductor (M-h) would have been a plus for the Qualcomm management team if it was vetted by the EU and mainland regulators, and if it could reach an out-of-court settlement with Apple. , making Qualcomm's share price rise, making caught. However, from Apple's standpoint, at this point in time, if you choose to reconcile with Qualcomm, it is good for Qualcomm, but not for Apple. In view of Qualcomm's acquisition under the pressure, there is a risk of concessions in the royalty rate more, there is no reason for Apple to extend the olive branch at this time, that is, Qualcomm and Bo Tong Purchase and the case is more tied, making Apple more incentive to continue with Qualcomm in the court.
