Broadcom CEO 'astonished' that Qualcomm wouldn't meet over the weekend to talk merger

  • In a filing, Broadcom CEO Hock Tan writes a letter to Qualcomm executive chairman Paul Jacobs saying that Broadcom was "astonished" that Qualcomm did not accept a weekend meeting date to discuss a much-publicized merger.
  • Qualcomm's board said on Thursday — the date of Tan's letter — that it had rejected a revised takeover bid from Broadcom.

If you want to fight with Broadcom, you'd better be willing to put in some overtime.

At least that's what the chipmaker implied this week in an SEC filing addressed to Qualcomm —the latest document in an M&A struggle between the two rivals. In the filing, Broadcom CEO Hock Tan writes to Qualcomm executive chairman Paul Jacobs that he was "astonished" Qualcomm did not accept a weekend meeting to discuss a potential merger.

"Broadcom has long sought a meeting to discuss Broadcom's acquisition of Qualcomm. Following Qualcomm's announcement today that it is willing to meet with us, we offered to meet with Qualcomm on Friday, Saturday or Sunday. I was astonished to hear that Qualcomm is not willing to meet until Tuesday — only after Qualcomm's and Broadcom's respective meetings with Glass Lewis and ISS," Tan wrote in the official letter.

Broadcom CEO Hock Tan speaks as President Donald Trump listens during an event to announce the company is moving its global headquarters to the United States, in the Oval Office of the White House, in Washington.
Evan Vucci | AP
Broadcom CEO Hock Tan speaks as President Donald Trump listens during an event to announce the company is moving its global headquarters to the United States, in the Oval Office of the White House, in Washington.

Qualcomm's board said on Thursday — the date of Tan's letter — that it had rejected a revised takeover bid from Broadcom. Broadcom had offered $121 billion, its "best and final offer," although Qualcomm felt it was "inferior" to its prospects as an independent company.

But Broadcom contends the mega-merger — which would eclipse its $37 billion blockbuster merger with Avago as the biggest chip deal — would consolidate power in the chip business, giving the combined company leverage to negotiate with big tech companies over everything from servers to self-driving cars.

Of course, all this depends on whether the two companies can actually pencil each other in for a meeting.

"We urge you to meet with us without further delay, and stand ready to meet this Saturday or Sunday in New York or another mutually convenient location," Tan wrote, hammering the point home with the closing: "We look forward to meeting with you promptly."

— CNBC's Chloe Aiello contributed to this report.