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Qualcomm rejects $130B Broadcom bid

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Qualcomm yesterday rejected an unsolicited $130 billion buyout bid by Broadcom.

"The board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty," Qualcomm presiding director Tom Horton said in a statement.

Through its proposal, Broadcom sought to conduct the second-largest deal in American corporate history.

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