- Markets Insider
- Qualcomm‘s stock fell 1.31% at $61.60 per share on Friday morning after it rejected a revised bid from Broadcom to buyout the firm.
- Broadcom has made several advances before. This time, Qualcomm said it was open to talks.
- View Qualcomm’s stock price in real time here.
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, Qualcomm fended off another bid by Broadcom to acquire the company for $70 per share, valuing Qualcomm at $105 billion. Qualcomm’s board has maintained that the company is worth more.
Qualcomm has also been hit with setbacks. It is fighting a patent infringement case with Apple, and it has been subject to intense scrutiny by European regulators, which slapped Qualcomm with a $1.2 billion fine for alleged anticompetitive practices last month.
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.