Qualcomm Rejects Broadcom's Latest Proposal
By Austen Hufford
Qualcomm Inc. has rejected Broadcom Ltd.'s "best and final offer" for the semiconductor maker but offered to meet with the company to negotiate better terms.
Shares of Qualcomm rose 1.1% in after-hours trading Thursday as Broadcom shares rose 2.4%.
Earlier this week, Broadcom made a sweetened offer for Qualcomm that valued the semiconductor maker at $121 billion.
In a Thursday letter to Broadcom, Qualcomm said the new offer undervalues the company, given the significant risk of a failed transaction.
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(END) Dow Jones Newswires
February 08, 2018 16:41 ET (21:41 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.