Qualcomm, Broadcom hold talks over revised $121 billion bid

(Reuters) - Qualcomm Inc said on Wednesday its top executives met with Broadcom Ltd to discuss the latter’s revised $121 billion bid, the first time the chipmakers have discussed a potential deal.

“We met with representatives of Broadcom for two hours earlier today,” Qualcomm said, adding that its board would meet to determine the next steps.

Qualcomm said the meeting was attended by Chief Executive Officer Steve Mollenkopf, Chief Financial Officer George Davis and Chairman Paul Jacobs, among others.

The meeting comes after Qualcomm rejected Broadcom’s revised cash-and-stock bid of $82 per share last week and said the new offer still undervalues it and falls well short of the firm commitments on regulatory issues it expected.

However, the company offered to meet Broadcom to see if it can address what it called “serious deficiencies in value and certainty in its proposal.”

Qualcomm and Broadcom planned to meet on Feb. 14, Reuters reported on Sunday, citing people familiar with the matter.

Broadcom had initially made a $103 billion offer for Qualcomm in early November.