Broadcom Corp.

Qualcomm rejects Broadcom's $103-billion takeover bid, setting stage for a proxy fight

Qualcomm rejects Broadcom's $103-billion takeover bid, setting stage for a proxy fight

Qualcomm Inc. rejected rival chipmaker Broadcom Ltd.'s unsolicited $103-billion takeover bid Monday, calling the price too low — a move that sets the stage for a hostile proxy fight for control of San Diego-based Qualcomm.

“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,” Paul Jacobs, Qualcomm’s executive chairman and chairman of the board, said in a statement.

Qualcomm also said that the bid “comes...

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