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Broadcom calls Qualcomm's latest letter misleading

Published 01/23/2018, 01:52 PM
Updated 01/23/2018, 01:52 PM
© Reuters.  Broadcom calls Qualcomm's latest letter misleading

© Reuters. Broadcom calls Qualcomm's latest letter misleading

  • In an ongoing war or words with resistant takeover target Qualcomm (QCOM -0.3%), Broadcom (AVGO +0.5%) has responded to Qualcomm's latest letter to shareholders, calling it misleading.
  • Qualcomm wrote shareholders urging a vote against Broadcom's proposed board members, citing "significant regulatory issues" with the buyout bid.
  • "Qualcomm has once again made intentionally vague statements regarding 'regulatory challenges' that are simply unfounded, misleading, and a disservice to Qualcomm stockholders," Broadcom responds in a statement. "Qualcomm's rhetoric is vague for a reason – because it is not grounded in reality."
  • In a set of claimed facts, Broadcom says there's no antitrust issue that can't be resolved in clearance; that it has extensive experience in closing complex deals; and that it has begun the regulatory approval process.
  • It also says it anticipated the FTC's second request for information, it's proceeding with redomiciling in the U.S., it has clear customer support and that it is confident it can close a transaction within 12 months of signing the deal.
  • Now read: You Blink, You Miss - Cramer's Mad Money (1/22/18)


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