- Qualcomm’s (NASDAQ:QCOM) board sends a letter to Broadcom (NASDAQ:AVGO) responding to the second meeting between the companies, which took place last Friday.
- Key quote: “The Qualcomm Board believes the meeting led to further progress toward a possible negotiated transaction on key issues other than price. The Board authorized providing Broadcom with a mark-up of Broadcom's previously released draft merger agreement that, if agreed to by Broadcom, would resolve all issues between the two companies other than price.”
- On price: Broadcom reiterated that $79/share was its new “best and final proposal” since Qualcomm raised its NXP Semiconductors (NASDAQ:NXPI) price.
- Qualcomm thinks that even Broadcom’s higher $82/share offer “materially undervalues” the company and that the companies should perform mutual due diligence and price negotiations.
- Qualcomm shares are up 2.7% premarket.
- NXP Semiconductors shares are down 0.4%.
- Previously: Qualcomm sends shareholder letter about Broadcom and NXP (Feb. 22)
- Previously: ISS reiterates support for four Broadcom nominees to Qualcomm board (Feb. 23)
- Previously: 5G news at Mobile World Congress (Feb. 26)
- Now read: Wall Street Breakfast: MWC Kicks Off In Barcelona
Original article