Qualcomm CEO Steve Mollenkopf said a $130 billion takeover offer from Broadcom “is not in the ballpark of value”, Bloomberg reported.
In November, Qualcomm said the bid “dramatically undervalues” the company and this week slammed Broadcom’s “blatant attempt” to seize control after it nominated candidates for upcoming Qualcomm board elections.
Speaking at The Economic Club of Washington, Mollenkopf said “we’re nowhere near it” when asked what price would be more acceptable.
In his first public comments about the takeover attempt, Mollenkopf conceded the talk on price is his own view and the decision ultimately rests with Qualcomm’s board.
However, he appeared to play down the significance of Broadcom’s move, explaining: “We had discussions in the past…The semiconductor industry is going through a period of consolidation, so everyone talks to everyone else all the time.”
Despite such discussions, Mollenkopf said he was confident in Qualcomm’s independent direction and ability to resolve legal disputes threatening its licensing business.
Mollenkopf and Qualcomm’s comments regarding the value of the bid come despite the fact the offer was a record in the technology industry and one of the most expensive attempted takeovers of a listed company.