Qualcomm rejects $105 billion takeover bid from Broadcom

From CNET: Qualcomm to Broadcom: Take your billions and go homecomm.

The board of directors at Qualcomm, the world's largest maker of chips and processors for phones, unanimously rejected a massive unsolicited takeover bid from Broadcom, which makes chips for everything from cable modems to set-top boxes and digital video recorders.

"Broadcom's proposal significantly undervalues Qualcomm relative to the Company's leadership position in mobile technology and our future growth prospects," said Paul Jacobs, Chairman of Quallcomm's board, in a statement. Qualcomm also said that the deal would come with significant regulatory uncertainty.

The acquisition would have been the biggest in tech history, surpassing AOL's acquisition of Time Warner in 2001. The combined company would have been the third-largest semiconductor maker in the world, after Intel and Samsung Electronics.

At the time of its bid on November 6, Broadcom said the deal would make the combined company the leading diversified communications chip company and would create a larger scale company that would drive research and development into next-generation technology.

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