Qualcomm is rejecting an unsolicited, $103 billion offer from Broadcom, saying that the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance.
Qualcomm said Monday that it's in a unique position to grow on its own.
RELATED: Broadcom Offers Qualcomm $130 Billion In Takeover Bid
Broadcom's proposal last week represented a 28 percent premium over the closing price of Qualcomm shares on November 2, but analysts were expecting Qualcomm the reject the $70-per-share bid. The rejection was not unexpected.
Qualcomm, which makes the Snapdragon chips found in smartphones and tablets, is the world's No. 3 chip supplier, according to research firm Gartner, trailing Intel and Samsung. A combination with Broadcom would not change that.
