The Battle of San Diego

The statement runs:

“Despite the clear customer and stockholder support for the value-maximizing transaction proposed by Broadcom, Qualcomm has refused to engage with Broadcom and has instead elected to remain a standalone company, which fails to address Qualcomm’s fundamental business challenges, including its ongoing disputes with customers and regulatory investigations in numerous jurisdictions.”

“Qualcomm management has repeatedly overpromised and under-delivered since the announcement of its “strategic realignment plan” in 2015, resulting in an inability to meet financial targets as well as deteriorating profitability and destruction of stockholder value. Qualcomm’s approach is a transparent attempt to sell a quick fix by the Qualcomm Board of Directors and management team and an obvious tactic to deny its own stockholders the opportunity to receive a compelling premium for their shares and significant upside potential in the combined company.”

“Based on the highly complementary nature of the businesses of the two companies, Broadcom’s extensive experience in completing complex, cross-border acquisitions and initial meetings with several relevant antitrust authorities, Broadcom remains very confident that the regulatory requirements necessary to complete a combination will be met in a timely manner and expects that the proposed transaction would be completed within approximately 12 months following the signing of a definitive agreement. It is important that Qualcomm engage with us so that Qualcomm stockholders can realize the significant value that Broadcom is offering.”

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