MON NOV 6, 2017 / 4:45 PM EST
Broadcom bids $103 billion for Qualcomm, open to going hostile
Supantha Mukherjee and Greg Roumeliotis
(Reuters) - Chip maker Broadcom Ltd made an unsolicited $103 billion bid for Qualcomm Inc on Monday, setting the stage for a takeover battle that could reshape the industry at the heart of mobile phone hardware.
Qualcomm said it would review the proposal but the San Diego-based company is inclined to reject the bid as too low and fraught with risk that regulators may reject it or take too long to approve it, people familiar with the matter told Reuters.
Broadcom Chief Executive Hock Tan, who turned a small, chipmaker into a $100-billion company based in Singapore and the United States, told Reuters he would not rule out a proxy fight to convince shareholders to replace the board and accept the offer.
"We are well advised and know what our options are, and we have not eliminated any of those options," said Tan, who has pulled off a string of deals over the past decade. "We have a very strong desire to work with Qualcomm to reach a mutually beneficial deal."
Broadcom bids $103 billion for Qualcomm, open to going hostile | Reuters
