Broadcom paved the way for a hostile bid for Qualcomm yesterday as its California-chipmaking rival prepared to reject an initial $130bn unsolicited takeover offer.
Broadcom left open the option that it could nominate a slate of directors and pursue the ousting of Qualcomm’s board members at its annual general meeting in March, setting the stage for a long battle between the two companies.
A tie-up between Broadcom and Qualcomm would be the biggest ever pure technology deal, create a company with a market value of more than $200bn and form a business that would be crucial to the production of smartphones, including Apple’s iPhone.
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