Published: December 8, 2017 1:13 pm
Qualcomm Inc Chief Executive Officer Steve Mollenkopf said a $105 billion takeover offer from rival Broadcom Ltd is too far off in price to even become the basis for discussions. Broadcom, which had its $70-a-share offer rebuffed last month, has said it will persist with the bid and wants talks.
Qualcommâs chief said the current offer doesnât warrant that. Broadcom also has nominated replacement board members at Qualcomm to intensify the pressure for a deal. âWe donât think the offer was in the ballpark of value,â Mollenkopf said Thursday at the Economic Club of Washington. âWeâre nowhere near it. At least thatâs my view. Of course the board has to decide.â
Qualcommâs chief, speaking publicly for the first time about what would be the largest deal in the history of technology, said heâs confident in his companyâs future independent direction and ability to resolve legal disputes that threaten its licensing business.
San Diego-based Qualcomm is the worldâs largest maker of chips for mobile phones. Broadcom and Qualcomm held talks last year on a possible combination that went nowhere, he said. âWe had discussions in the past,â he said. âThe semiconductor industry is going through a period of consolidation, so everyone talks to everyone else all the time.â
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