Qualcomm Incorporated (NASDAQ: QCOM) ("Qualcomm" or the "Company") today announced that its Board of Directors unanimously rejected the unsolicited proposal announced by Broadcom Limited ("Broadcom") on November 6, 2017.
"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," said Paul Jacobs, Executive Chairman and Chairman of the Board of Qualcomm Incorporated.
"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," said Steve Mollenkopf, Chief Executive Officer of Qualcomm Incorporated.
"The Board and Management are singularly focused on driving value for Qualcomm's shareholders. After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty. We are highly confident that the strategy Steve and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer," said Tom Horton, Presiding Director for Qualcomm Incorporated.
Qualcomm's technologies powered the smartphone revolution and connected billions of people. We pioneered 3G and 4G – and now we are leading the way to 5G and a new era of intelligent, connected devices. Our products are revolutionizing industries, including automotive, computing, IoT, healthcare and data center, and are allowing millions of devices to connect with each other in ways never before imagined. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, all of our engineering, research and development functions, and all of our products and services businesses, including, our QCT semiconductor business. To learn more, visit Qualcomm's website, blog, Twitter and Facebook pages.