Qualcomm and Broadcom have a Valentine’s Day date to discuss what could be the largest tech acquisition in history.
According to Reuters‘ sources, Qualcomm and its semi-conductor suitor will meet for the first time on Wednesday to discuss the $121 billion USD acquisition offer.
Broadcom requested last week to meet over the weekend, reports Reuters, but has now agreed to meet on Wednesday instead.
The meeting follows yet another refusal from Qualcomm after Broadcom upped its offer from $103 billion USD on February 5th. Broadcom called its mixed cash and stock proposition its “best and final offer,” but in its rejection Qualcomm questioned whether Broadcom would pay more.
It also asked: “Is Broadcom willing to commit to take whatever actions are necessary to ensure the proposed transaction closes?”
When offering the revised proposal, Broadcom said it was willing to sell two Qualcomm businesses — Wi-Fi networking processors and RF Front End chips for mobile — to resolve antitrust problems.
It also said it’s willing to pay Qualcomm a fee if the transaction is not completed within its target of 12 months, or a “reverse termination fee” if regulators nix the deal.
Qualcomm, however, said the regulatory commitment was not firm enough in its rejection.
As part of its attempt to take over Qualcomm, Broadcom made a slate of board of director nominations. Qualcomm has repeatedly asked stockholders to vote for the company’s own nominees at the annual stockholder meeting on March 6th.
Source: Reuters
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