- Broadcom has made several advances before. This time, Qualcomm said it was open to talks.
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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.
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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
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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.
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