San Diego-based telecom giant Qualcomm will not take the $70 per share offer of Broadcom Ltd., offered last week. However, large institutional investors may want Qualcomm to accept $80, according to TheStreet.com
The total bid, for more than $100 billion, has shaken up Wall Street for its size. Qualcomm, beset by lawsuits and troubles with its big customer, Apple, has suffered a falling stock this year. However, since the bid was made, the stock has been rising and is going up again today.
Since Qualcomm is one of San Diego's largest employers, the possibility of a change of ownership of the company has city leaders concerned about local employment.