Qualcomm rejects Broadcom’s bid

Bengaluru: Mobile chipmaker Qualcomm on Monday rejected Broadcom’s $103 billion takeover bid, saying the offer “dramatically” undervalued the company. “After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that the proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty,” Qualcomm’s presiding director Tom Horton said. Broadcom made its unsolicited bid last week in its efforts to become the dominant supplier of chips.