INTERNATIONAL - Mobile chipmaker Qualcomm Inc on
Monday rejected rival Broadcom Ltd's $103 billion
takeover bid, saying the offer "dramatically" undervalued the
U.S. company.
"After a comprehensive review, conducted in consultation
with our financial and legal advisors, the Board has concluded
that Broadcom's proposal dramatically undervalues Qualcomm and
comes with significant regulatory uncertainty," Qualcomm's
Presiding Director Tom Horton said in a statement.
Broadcom made its unsolicited bid last week in its efforts
to become the dominant supplier of chips used in the 1.5 billion
or so smartphones expected to be sold around the world this
year.
Reuters reported on Sunday that Qualcomm would rebuff the
$70 per share offer, citing people familiar with the matter.