Last week, Broadcom offered to acquire Qualcomm in a deal worth $130 billion, including debt, which would equate to $70 per share in cash and Broadcom stock for shareholders. The preparations for the board meeting indicate that Qualcomm is poised to rebuff the bid as insufficient as early as Monday, although it may decide to spend a few more days this week to prepare its full response to Broadcom, the sources added.
Presiding Director Tom Horton also cited "significant regulatory uncertainty" around the proposed deal.
Qualcomm said the decision to reject Broadcom's offer was unanimous.
US chipmaker Qualcomm Inc (QCOM.O) is making preparations to reject rival Broadcom Ltd's (AVGO.O) $103 billion bid as early as this week, four people familiar with the matter said on Sunday, setting the stage for one of the biggest-ever takeover battles.
Qualcomm said Monday that it's in a unique position to grow on its own.
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"This transaction will create a strong, global company with an impressive portfolio of industry-leading technologies and products, and we have received positive feedback from key customers about this combination", said Tan. The combined company would be third-largest chipmaker behind Intel and Samsung. The board has not made any official statements, but has allegedly met on Sunday to discuss the offer.
Broadcom Ltd., also announced, in the company of President Donald Trump, that it would bring its corporate address back from Singapore, to Delaware. This company acquired Broadcom in the year 2015.
"No company is better positioned in mobile, IoT (internet of things) automotive, edge computing and networking within the semiconductor industry", Mollenkopf said, in Qualcomm's statement.
Shares in Broadcom and Qualcomm both dipped slightly as the market opened.
Qualcomm delivers chips to carrier networks to provide broadband and mobile data. The deal has been delayed by the Committee on Foreign Investment in the United States, which investigates proposed acquisitions of USA companies by foreign buyers on national security and intellectual property grounds.