Qualcomm Rejects Latest Broadcom Bid

Qualcomm's board has rejected the revised $121 billion bid from Broadcom but has offered to meet with the company to discuss the bid's "serious deficiencies in value and certainty."

Qualcomm Inc. (Nasdaq: QCOM) said that the $121 billion offer still "undervalues" the company, as it did with the previous $105 billion bid. Broadcom stresses that the $121 billion is its "best and final offer." (See Broadcom Raises Offer for Qualcomm to $121B.)

In a public letter to Qualcomm, Broadcom Corp. (Nasdaq: BRCM)'s CEO Hock Tam says that he "welcomes" the opportunity to meet with Qualcomm, but wants to meet this weekend, not next Tuesday as Qualcomm suggests.

"I was astonished to hear that Qualcomm is not willing to meet until Tuesday -- only after Qualcomm's and Broadcom's respective meetings with [proxy advisers] Glass Lewis and ISS," the CEO writes, noting that Broadcom has met with Qualcomm's largest shareholders and it is their "strong desire" that the companies come to an agreement.

The shareholders will get to vote on the bid on March 6, when they vote on whether to keep -- or can -- Qualcomm's current board.

— Dan Jones, Mobile Editor, Light Reading