- Broadcom has made several advances before. This time, Qualcomm said it was open to talks.
ADVERTISEMENT
Qualcomm slips after management rebuffs Broadcom's sweetened offer (QCOM, AVGO)
Qualcomm's management rejected Broadcom's raised offer of $121 billion to buy the company, though it opened up talks with its rival.
ADVERTISEMENT
Recommended articles
Shares of Qualcomm slipped on Friday morning after its board voted to unanimously reject Broadcom's revised offer of $121 billion to acquire the firm.
Qualcomm was down 1.31% at $61.60 per share.
Broadcom has made several advances to buy out its smaller rival in the past year. Last November, fended off another bid by Broadcom
ADVERTISEMENT
Qualcomm is scheduled to hold a shareholder meeting on March 6. Broadcom is expected to put its own nominees up for election to Qualcomm's board of directors, Reuters reported.
Qualcomm's stock was down 5.34% for the year. Broadcom's stock was trading at $229.04 a share, and slid 14.26% for the year.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
From 1,500 to 52,000: The student boom reshaping UK immigration laws
Russia and China are much less sneaky than the West - DRC president
10 countries in Africa with the worst press freedom in 2024
FCMB Group sustains growth momentum, profit rises 192.6% in Q1 2024
DBNC 2024 impacts, sets the pace for entrepreneurs
Navigating success: Insights from a leading IT expert
US and French governments are lobbying Nigeria to host their military bases - report
Russian aid arrives in Niger amid growing bilateral ties