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Qualcomm Board of Directors Unanimously Rejects Broadcom’s Unsolicited Proposal
Proposal is not in the Best Interests of Shareholders and Dramatically Undervalues Qualcomm
NOV 13, 2017SAN DIEGO
Qualcomm products mentioned within this press release are offered by Qualcomm Technologies, Inc. and/or its subsidiaries.
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
“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.