Qualcomm slips after management rebuffs Broadcom's sweetened offer

Shares of Qualcomm slipped on Friday morning after its board voted to unanimously reject Broadcom‘s revised offer of $US121 billion to acquire the firm.

Qualcomm was down 1.31% at $US61.60 per share.

Broadcom has made several advances to buy out its smaller rival in the past year. Last November, Qualcomm fended off another bid by Broadcom to acquire the company for $US70 per share, valuing Qualcomm at $US105 billion. Qualcomm’s board has maintained that the company is worth more.

Qualcomm has also been hit with setbacks. It is fighting a patent infringement case with Apple, and it has been subject to intense scrutiny by European regulators, which slapped Qualcomm with a $US1.2 billion fine for alleged anticompetitive practices last month.

Qualcomm is scheduled to hold a shareholder meeting on March 6. Broadcom is expected to put its own nominees up for election to Qualcomm’s board of directors, Reuters reported.

Qualcomm’s stock was down 5.34% for the year. Broadcom’s stock was trading at $US229.04 a share, and slid 14.26% for the year.

Read more about Qualcomm’s woes with the European Commission.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.