Qualcomm Rejects Broadcom’s Higher $121 Billion Hostile Bid

Qualcomm Inc.’s board unanimously rejected a higher acquisition offer from Broadcom Ltd., spurning the largest technology takeover bid in history and likely leaving the future of the hostile $121 billion proposal to be decided by shareholders next month.

The offer “materially undervalues” Qualcomm and “falls well short of the firm regulatory commitment” needed to gain approval for such a transaction, the San Diego-based company said Feb. 8 in a statement. Earlier this week, Broadcom raised its proposed price to $82 a share, a bid it called “best and final.” The deal would take the form of $60 in cash and ...