CEO Hock Tan claims many Qualcomm shareholders keen to discuss transaction

Broadcom this week said it has not given up its pursuit of Qualcomm, after the latter rejected its $130 billion takeover bid.

Qualcomm on Monday said the $70-per-share cash and stock offer undervalues the company. The offer represents a 28% premium on Qualcomm’s closing price the day before rumours of the bid began circulating.

Explaining its decision to rebuff Broadcom, Qualcomm’s board and senior management talked up their company’s strong position in the mobile, IoT, automotive, edge computing and networking semiconductor markets.

That hasn’t dissuaded Broadcom though, which insisted that it remains fully committed to acquiring its target.

"We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction," said Broadcom CEO Hock Tan.

"Many have expressed to us their desire that Qualcomm meet with us to discuss our proposal. It remains our strong preference to engage cooperatively with Qualcomm’s board of directors and management team," he said, reiterating his belief that the combination of Qualcomm and Broadcom "will create a strong, global company with an impressive portfolio of industry-leading technologies and products.

"We have received positive feedback from key customers about this combination," Tan added.