Qualcomm Assumes Partial Ownership of Pantech
As part of a debt-to-equity restructuring program, Pantech has decided to parcel off some of its worth to Qualcomm. Qualcomm will become a minority shareholder in both Pantech & Curitel Communications and Pantech Co., owning no more than 15% of each company. Qualcomm will not participate on either company's board of directors nor will it play any leadership role. The deal will be completed in stages and should take several months to finish. It still needs to pass several regulatory hurdles before final approval. Pantech took the opportunity to reiterate its commitment to bringing more phones to all the markets it serves, including the U.S.
Broadcom Takes Aim at Qualcomm with Unsolicited $130B Bid
Broadcom today made an unsolicited offer to buy Qualcomm for $70 per share, a deal valued at approximately $130 billion. According to Broadcom, the merged entity would be a diverse communications semiconductor company that would be able to accelerate innovation, deliver more advanced products, and create compelling financial savings/efficiencies.
Qualcomm Rejects Broadcom's Acquisition Offer
Qualcomm's board of directors today unanimously rejected Broadcom's Nov. 6 offer to buy the company in a deal that would have been valued at approximately $130 billion.
Qualcomm to Cut Jobs Amidst Cost Restructuring
Qualcomm today said it will pursue aggressive cost restructuring, including the elimination of jobs, as it seeks to balance its financials. Qualcomm indicated it plans to slash $1.4 billion in expenses through a number of different actions, including job cuts of about 4,500, or 15% of its work force.
Qualcomm Countersuit Says Apple Hobbled Its Chips
Qualcomm filed a retaliatory lawsuit against Apple and accused the iPhone maker of bad behavior. The filing is in response to one Apple made against Qualcomm earlier this year.
Qualcomm to Hold Onto Chip Biz for the Time Being
Qualcomm does not plan to sell off its mobile chip business, according to Executive Chairman Paul Jacobs. Investors have been putting pressure on Qualcomm to spin off the unit, which one called "worthless." Some would prefer that Qualcomm operate strictly as a patent-licensing business.
Pantech committed to U.S., who cares!!!