I believe management has been looking for the "end game" for years. How to sell or merge the company before the royalty stream unravels. I bet they talked with Broadcom because they are getting nowhere with NXP. TSMC probably wasn't interested in a QCOM merger proposal. Without these developments Qualcomm stock slides back to the $30's.
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I know as a fact that INTC was in advanced talks about buying Q before they acquired Infineon mobile for much less than Q would have cost.
OP is 100% right .. Take the offer and run shareholders
I was invited in 2010 to a building K party where a R&D VP after a few beers shared his prediction that the decline of Q would start in 2014 and would colapse in 2019. So they knew pretty well the life spam for the milking system they invented. At the time I thought the guy was a pessimist spoiled brat until the big layoff in 2015. Q is really done. Folks, let's just move on before the massive layoffs come to fruition.
Arrogance killed this company. Too many smug people thinking they are entitled and better than everyone else.