Qualcomm shares fell 1.3 per cent to $63.99, significantly below Broadcom’s latest $82 per share cash-and-stock offer unveiled on February 5, as investors saw the new NXP deal as increasing the chances of Qualcomm repelling Broadcom. These include hedge funds Elliott Advisors (UK) Ltd and Soroban Capital Partners LP, which had spearheaded opposition to the NXP deal. The stock had traded above the original offer price for nearly seven months, reflecting expectations among investors that Qualcomm’s offer would be raised. They belie the fact that the Qualcomm board is doing everything it can in the furtherance of the interests of its shareholders. The ISS and Glass Lewis reports are also dated because they came out before certainty was secured on the NXP deal,” Horton said.

Source: The Express Tribune February 21, 2018 06:56 UTC