Qualcomm, Broadcom Said to Be Planning February 14 Meeting

15 February, 2018, 03:12 | Author: Lynette Payne
  • Broadcom offers $8 bn to Qualcomm if deal is blocked

However, Qualcomm responded that the new offer still "undervalues" the company, particularly the promise of its 5G technology.

Broadcom had requested last week to meet over the weekend, but has now agreed to meet on Wednesday instead, the sources said on Sunday, asking not to be identified because the meeting's details are not public.

Qualcomm responded on Thursday that unless Broadcom will agree to do whatever is necessary to ensure the deal closes, a commitment to divestitures without restrictions often referred to as "hell or high water", it would have to be extremely clear and specific about what actions it would refuse to take.

Broadcom had said earlier that its revised offer was contingent on either Qualcomm buying NXP at now disclosed terms of $110 per share in cash or the $38 billion deal being terminated.

Qualcomm's stock closed at $65.66 on Monday, well below the Broacom's offer of $82 per share.

QUALCOMM AND BROADCOM will meet on Valentine's Day to discuss the potential marriage of the two firms.

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The Singapore-based firm - which has announced plans to move back to the United States - offered $60 per share in cash plus $22 in Broadcom stock, in a deal worth $121 billion, along with the assumption of $25 billion in Qualcomm debt.

In addition to the bid, Broadcom has also pledged to pay an $8 billion break-up fee should Qualcomm agree to a deal that is subsequently stopped by anti-trust regulators.

Before the meeting takes place on 14 February, it is believed that they will each spend some time with advisory companies ISS and Glass Lewis to get their thoughts on the situation.

"We urge you to meet with us without further delay, and stand ready to meet this Saturday or Sunday in NY or another mutually convenient location", Tan said in a letter to Qualcomm chairman Paul Jacobs. However, Broadcom is now planning a hostile takeover that bypasses Qualcomm's board and heads directly to its shareholders for approval through a vote in early March.

As Bloomberg reports, Qualcomm apparently offered to meet with Broadcom to discuss the takeover bid, particularly to address issues to continue the conversation.

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