Why Qualcomm Incorporated Stock Jumped 30% in November
Shares of Qualcomm Incorporated (NASDAQ: QCOM) spiked 30.5% last month, according to data provided by S&P Global Market Intelligence, after Bloomberg reported at the beginning of November that chipmaker Broadcom (NASDAQ: AVGO) was exploring a deal to buy Qualcomm for $70 per share.
The deal would be worth $105 billion if it goes through, which would make it the biggest chipmaker takeover in history, but Qualcomm's board unanimously rejected Broadcom's bid last month and has forced the company to appeal to Qualcomm shareholders.
Broadcom has since introduced 11 board members who it wants Qualcomm's shareholders to vote on at their upcoming shareholder meeting in March. The board members would take the place of all of Qualcomm's current board members and thus allow the acquisition to go through.
Source: Fool.com
Qualcomm Inc. Stock
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