Qualcomm on Wednesday said members of its board of directors and senior management met with Broadcom to talk about the latter’s acquisition offer. Broadcom offered to buy Qualcomm for $121 billion, but Qualcomm shot the deal down.
“We met with representatives of Broadcom for two hours earlier today, and listened carefully to what they had to say. The Qualcomm Board will promptly meet to discuss the meeting and to determine next steps,” said Qualcomm in a statement.
Earlier this week, Qualcomm said Broadcom’s offer undervalued Qualcomm. Moreover, Qualcomm isn’t confident Broadcom is fully prepared to see the acquisition through the regulatory process. The meeting was to assess if there is any common ground to be met in the deal.
