Qualcomm Inc. rejected Broadcom Ltd.’s sweetened offer of more than $121 billion but opened the door for the first time to talks with its hostile suitor.
Qualcomm’s board decided unanimously that the latest offer of $82 a share, which Broadcom Chief Executive Hock Tan proposed earlier this week as his “best and final offer,” considerably undervalues the chip maker. The directors also said the revised offer still doesn’t go far enough to ensure international regulators would approve it.
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