QUALCOMM REJECTS BROADCOM OFFER

Qualcomm rejected an unsolicited, $103 billion offer from Broadcom, saying the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance.

Qualcomm said it’s in a unique position to grow on its own.

Broadcom’s bid last week represented a 28 percent premium over the closing price of Qualcomm shares on Nov. 2, but analysts were expecting Qualcomm to reject the $70-per-share bid.

Qualcomm, which makes the Snapdragon chips found in smartphones and tablets, is the world’s No. 3 chip supplier, according to research firm Gartner. A combination with Broadcom would not have propelled it past industry leaders Intel and Samsung.

Broadcom Ltd. also announced, in the company of President Donald Trump, that it would bring its corporate address back from Singapore to Delaware.

The company hopes the change will help it avoid a cumbersome federal review process for a $5.5 billion deal for U.S. network provider Brocade Communications Systems. — The Associated Press