Qualcomm rejects Broadcom’s $103-B offer

NEW YORK – Qualcomm is rejecting an unsolicited, $013 billion offer from Broadcom, saying that the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance. Qualcomm said Monday that it’s in a unique position to grow on its own.

Broadcom’s proposal last week represented a 28 per cent premium over the closing price of Qualcomm shares on November 2, but analysts were expecting Qualcomm the reject the $70-per-share bid. The rejection was not unexpected. Qualcomm, which makes the Snapdragon chips found in smartphones and tablets, is the world’s No. 3 chip supplier, according to research firm Gartner, trailing Intel and Samsung. A combination with Broadcom would not change that.