The board of chipmaker Qualcomm has unanimously rejected Broadcom's revised US$121 billion buyout offer.
It determined that Broadcom’s proposal “materially undervalues” Qualcomm and falls short of the firm regulatory commitment it would demand given the significant downside risk of a failed transaction, the company said.
Qualcomm also said it has offered to meet with Broadcom to see if it can address the serious deficiencies in value and certainty in its proposal.
Broadcom earlier this week increased its offer to buy Qualcomm to US$82 per share from US$70 per share.
Qualcomm had similarly rejected Broadcom's first offer last November for undervaluing the chipmaker.
More to come