Qualcomm rejects a $ 130 billion bid from Broadcom

Qualcomm company
Qualcomm declined Broadcom's offer. Last week, Broadcom bid Qualcomm for US $ 130 billion. Yesterday, it was rumored that Qualcomm would refuse the offer. Now, Qualcomm confirmed the allegations.
In an official statement, Paul Jacobs, Chairman and son of one of Qualcomm's founders, Irwin Jacobs, said that Broadcom's offer "significantly undermines Qualcomm's value regarding its position as a leader in the mobile technology industry and our future growth potential." That means, Qualcomm is opening up for a higher offer.
A few hours after Qualcomm issued an official statement, Broadcom responded by mentioning that they are committed to buy Qualcomm.

Broadcom CEO Hock Tan, known for his expertise in mergers and acquisitions, said Qualcomm shareholders are interested in offering Broadcom.

"Many have shown us their interest in getting Qualcomm to meet with us to discuss our offer," Tan said in an official statement. "We still want to have a good relationship with Qualcomm's board of directors and management team."