- 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
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
3 African countries could play host to Russian diplomatic missions
Trends in online casino gaming in New Zealand
10 African countries with the highest number of migrants
PHOTOS: Inside the hostel in Rwanda set to house migrants from the UK in July
10 African countries with the weakest governments
Zap unveils Africa's first non-custodial exchange
The future of healthcare on display: Day 1 of Medlab West Africa wraps up
Nigeria suspends a Chinese business over discrimination charges