Qualcomm Asks Broadcom To Stop Misleading Stockholders

(RTTNews) - Qualcomm Inc. (QCOM) Monday asked Broadcom Ltd. (AVGO) to stop misleading its stockholders regarding its engagement with Broadcom in connection with acquisition proposal.

"The latest statement issued by Broadcom is disingenuous and clearly intended to create a false impression about Qualcomm's level of engagement. In fact, Qualcomm has repeatedly attempted to engage with Broadcom on issues including price, including at meetings on February 14 and February 23. In each of those meetings, Broadcom has refused to engage on price," the company said in a statement.

"Earlier today, Qualcomm made a comprehensive proposal that addresses regulatory and other merger agreement issues in order to clear the way for a price discussion with Broadcom. The ball is in Broadcom's court to let us know whether it is willing to engage with us. Qualcomm's Board remains unanimous in its view that Broadcom's current offer of $79.00 per share, as well as the previous offer of $82.00 per share, materially undervalues the company."

"Broadcom's statements about Qualcomm considering moving the date of its annual meeting are false. Qualcomm has no intention of delaying the annual meeting and made that clear to Broadcom during our February 23 meeting."