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Qualcomm has told Broadcom to – and this is a technical term, here – go **** itself after Broadcom cynically lowered its per-share buyout offer to the Snapdragon chipset designer.
Yes, that's right, after months of aggressively eying up Qualcomm as an acquisition target, Broadcom on Wednesday reduced what it was willing to pay to gobble its prey.
Qualcomm - Efforts - Week - Bid - Dutch
Citing Qualcomm's efforts earlier this week to up its bid for Dutch semiconductor company NXP, Broadcom cut the amount it would cough up per Qualcomm share from $82 apiece to $79.
"Broadcom believes that a responsible Qualcomm board could have preserved value by following ISS's clear recommendation to work with Broadcom on the NXP transaction and negotiate the sale of Qualcomm to Broadcom," Broadcom said in its statement, with ISS being its financial advisor.
Qualcomm - Board - Interests - Stockholders - Value
"Instead Qualcomm's board acted against the best interests of its stockholders by unilaterally transferring excessive value to NXP's activist stockholders. Despite this direct value transfer, Broadcom remains committed to delivering a value-maximizing offer to Qualcomm stockholders."
Broadcom said that should...
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