If you hankering to fight with Broadcom, you’d better be willing to put in some overtime.
At tiny that’s what the chipmaker implied this week in an SEC filing greeted to Qualcomm —the latest document in an M&A struggle between the two rivals. In the filing, Broadcom CEO Hock Tan notes to Qualcomm executive chairman Paul Jacobs that he was “astonished” Qualcomm did not accede to a weekend meeting to discuss a potential merger.
“Broadcom has long essayed a meeting to discuss Broadcom’s acquisition of Qualcomm. Following Qualcomm’s disclosure today that it is willing to meet with us, we offered to meet with Qualcomm on Friday, Saturday or Sunday. I was flabbergasted to hear that Qualcomm is not willing to meet until Tuesday — only after Qualcomm’s and Broadcom’s corresponding meetings with Glass Lewis and ISS,” Tan wrote in the official letter.
Qualcomm’s put up said on Thursday — the date of Tan’s letter — that it had rejected a revised takeover bid from Broadcom. Broadcom had volunteered $121 billion, its “best and final offer,” although Qualcomm felt it was “lackey” to its prospects as an independent company.
But Broadcom contends the mega-merger — which order eclipse its $37 billion blockbuster merger with Avago as the biggest chisel deal — would consolidate power in the chip business, giving the compound company leverage to negotiate with big tech companies over the whole shebang from servers to self-driving cars.
Of course, all this depends on whether the two players can actually pencil each other in for a meeting.
“We urge you to meet with us without aid delay, and stand ready to meet this Saturday or Sunday in New York or another mutually nearby location,” Tan wrote, hammering the point home with the closing: “We look flip to meeting with you promptly.”
— CNBC’s Chloe Aiello contributed to this communiqu.