Broadcom's Tan got his way on deals; then he targeted Qualcomm

(Nov 15): Hock Tan has put together nine deals worth more than US$50 billion ($68 billion) since 2013. Broadcom’s chief executive officer has grown accustomed to getting his way, using compromise, more money, sheer force of will—or a combination of all three.

Bringing Qualcomm Inc., his latest target, to heel isn't going so smoothly. On Monday, the mobile chip powerhouse rejected his US$105 billion, US$70-per-share offer, saying it was far too low and raised significant regulatory uncertainty. It was the second brushoff. Last year, Tan approached Qualcomm privately and was turned down, according to people familiar with the situation. On Monday,  he quickly reaffirmed his determination to buy the San Diego-based chipmaker.

Now Tan, 65, has a choice: He can sweeten the offer or appeal directly to Qualcomm shareholders—setting in motion the biggest technology takeover battle in history. Tan is selling a vision that runs counter to the industry’s conventional wisdom: that chip makers should focus on what they’re best at and stop throwing money at sectors where they’re playing catchup. While Qualcomm is a leader in mobile chips, lately it's begun pivoting into servers, cars and PCs.

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