Qualcomm shuns Broadcom bid, setting up US$105b proxy fight

San Francisco

QUALCOMM Inc rejected Broadcom Ltd's US$105 billion acquisition offer, kicking off what would be the largest technology takeover battle in history.

Qualcomm recommended that shareholders spurn the deal, saying that it is an opportunistic move by Broadcom to buy the wireless-chip maker on the cheap. Qualcomm also said that the transaction may face regulatory scrutiny that would cast doubt on its completion.