Broadcom will have to try again in its bid to take over Qualcomm. The Snapdragon chip-maker has rejected a revised proposal to buy all of its outstanding shares, stating that it "materially undervalues Qualcomm and falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction." As a refresher, Broadcom had originally offered to pay $130 billion to acquire all of Qualcomm back in November. That sum was rejected, so Broadcom followed up this month with a revised proposal that valued Qualcomm's shares at $82 each.
Clearly, Qualcomm's board of directors don't think this is enough. In its statement confirming the rejection, Qualcomm "offered to meet with Broadcom to see if it can address the serious deficiencies in value and certainty in its proposal." If this meeting does happen and the two parties can agree on a price, then perhaps third time may be the charm.
This story is developing...
- This article originally appeared on Engadget.