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Broadcom CEO Hock Tan speaks alongside President Trump during an event to announce the company is moving its global headquarters to the United States. Photo: Evan Vucci / AP

U.S. chipmaker Qualcomm rejected rival Broadcom's $103 billion bid to purchase the company Monday, stating that Broadcom's proposal "dramatically undervalues" Qualcomm and comes with "significant regulatory uncertainty." Meanwhile, Broadcom said it is still "fully committed" to the deal, stating that they continue to believe their offer represents the most attractive, value-enhancing alternative available to Qualcomm stockholders.

Why it matters: If completed, the sale would have been the largest pure technology merger of all time. It also would have created the world's third-largest chipmaker, behind Intel and Samsung.

Background: Qualcomm CEO Steve Mollenkopf spent the last few days soliciting feedback from Qualcomm's shareholders, and determined that the offer does not price in the uncertainty associated with getting the deal approved by regulators.

What they're saying:

  • Qualcomm's presiding director, Tom Horton, said in a statement Monday that after conducting a comprehensive review of the bid, they concluded that Qualcomm's current plans provide "far superior value to Qualcomm shareholders than the proposed offer."
  • Broadcom said in a statement: "Many [of Qualcomm's stockholders] have expressed to us their desire that Qualcomm meet with us to discuss our proposal. It remains our strong preference to engage cooperatively with Qualcomm's Board of Directors and management team."

Last month, Broadcom announced that it would move its headquarters from Singapore to the U.S., in part due to the prospect for tax reform. Axios' Dan Primack points out the relocation was largely made to smooth the way not only for the Qualcomm deal, but also future M&A efforts.

Go deeper

54 seconds ago - Technology

Jack Dorsey to step down as Twitter CEO

Photo: Joe Raedle/Getty Images

Jack Dorsey will step down as CEO of Twitter, the company announced Monday. He will be succeeded by CTO Parag Agrawal.

The big picture: Dorsey is also the CEO of financial payments company Square, which he co-founded in 2009, and has become a crypto evangelist in recent years.

Tracking the pandemic's unequal impact

Expand chart
Data: Morning Consult/Axios; Chart: Will Chase/Axios

The pandemic was bound to hit the most economically vulnerable among us the hardest. New polling data from Morning Consult, out this morning, shows the degree to which those difficulties were more concentrated among people of color.

Catch up quick: The Morning Consult/Axios Inequality Index has tracked the economic experience of adults in three wage groups since May 2020. We began publishing the findings in May of this year, and six months in, we’re slicing the data a little differently — and looking at inequality between ethnicities.

2 hours ago - Health

WHO says Omicron poses "very high" risk

World Health Organization Director-General Tedros Adhanom Ghebreyesus speaking in Geneva in October. Photo: Fabrice Coffrini/AFP via Getty Images

The World Health Organization said Monday in a new risk assessment that it believes the COVID-19 Omicron variant poses a "very high" risk to the globe because it may be more transmissible than other strains of the virus.

Why it matters: Though the WHO acknowledged there are still many uncertainties associated with the variant, the agency said it believes the likelihood of potential further spread of Omicron around the world is "high."