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Why Qualcomm Said No to Broadcom

Never say yes the first time—especially when you know there will be a second.

This notion was likely comforting to Qualcomm Inc.’s board of directors Monday when they turned down Broadcom Ltd.’s unsolicited $105 billion takeover offer. That is particularly so since Broadcom reaffirmed its offer barely two hours later, with the olive branch that it would prefer to “engage cooperatively” with its one-time bitter foe to come to an arrangement. Qualcomm’s share price rose more than 2% Monday following the company’s refusal, though…

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