Qualcomm’s headquarters in Sorrento Valley. Photo via Reuters

Qualcomm on Friday reiterated its view that Broadcom‘s hostile $120 billion takeover bid “materially undervalues” the San Diego wireless pioneer, but offered to continue discussions.

The offer of further discussions was made in a letter from Executive Chairman Paul Jacobs following Wednesday’s meeting of executives and board members of both companies.

Jacobs cited Singapore- and San Jose-based Broadcom’s willingness to accept antitrust-related divestitures of some of Qualcomm’s businesses as constructive, but emphasized that the hostile bid has “an unacceptably high level of risk” for Qualcomm shareholders

“Our board is open to further discussions with Broadcom to see if a proposal that appropriately reflects the true value of Qualcomm shares, and ensures an appropriate level of deal certainty, can be obtained,” Jacobs wrote.

“If such a proposal cannot be obtained from Broadcom, our board is highly confident in Qualcomm’s ability to deliver superior near- and long-term value to its stockholders by continuing to execute its growth strategy,” he added.

Broadcom is offering $60 in cash and $22 in Broadcom stock while waging a proxy battle to elect a majority of directors at Qualcomm’s upcoming shareholders meeting on March 6.

Qualcomm’s stock was trading just above $65 on Wall Street Friday, little changed from Thursday’s close and well below Broadcom’s offer.

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.