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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

Updated 4 hours ago - Politics & Policy

Report: Pentagon watchdog finds Ronny Jackson drank on duty and harassed staff

Rep. Ronny Jackson walking through the Canon Tunnel to the U.S. Capitol in January. Photo: Stefani Reynolds/Getty Images

Rep. Ronny Jackson (R-Texas) allegedly made "sexual and denigrating" comments about a female staffer, drank alcohol and took sleeping medication while working as White House physician, according to a report obtained by CNN Tuesday night.

Driving the news: The Department of Defense inspector general's report stems from a years-long investigation. Jackson has called the allegations "false and fabricated."

DOJ pressed to enforce Al Jazeera foreign agent ruling

Illustration: Aïda Amer/Axios

The Justice Department is being pressed to enforce its own demand that the U.S. arm of Qatari broadcaster Al Jazeera register as a foreign agent.

Why it matters: The launch of Al Jazeera's new right-of-center U.S. media venture, Rightly, has refocused attention on the media company's alleged links to Doha, and DOJ's efforts to crack down on media outlets viewed as foreign interest mouthpieces.

Poll: Immigration is America's most-polarizing issue

Data: The American Aspirations Index/Populace; Chart: Will Chase/Axios

Immigration was found to be the most polarizing issue in America based on new polling from Populace.

Why it matters: Americans have surprisingly similar priorities for the U.S., but immigration stands out as one of the few issues with clear partisan differences. It underscores the challenge for advocates and lawmakers hoping to pass immigration reform in the coming weeks amid narrow margins in Congress.