A week ago we reported that chipmaker Broadcom had offered to buy rival chipmaker and Apple supplier, Qualcomm for $130 billion. According to a press release from Qualcomm, its board of directors unanimously vetoed the purchase.
Paul Jacobs, Executive Chairman and Chairman of the Board of Qualcomm Inc. said this about the potential acquisition.
“It is the Board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the Company’s leadership position in mobile technology and our future growth prospects.”
Steve Mollenkopf, Chief Executive Officer of Qualcomm reinforced this statement with his own.
“No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry. We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G.”
This comes shortly after Qualcomm filed another lawsuit against its main chip purchaser, Apple, claiming that it broke a confidentiality clause found in its contract.