Parnassus Endeavor Fund, a top-30 investor in San Diego-based chip-maker Qualcomm Inc, announced that it will vote against Broadcom Ltd's proposal for a $142 billion takeover at the next shareholder meeting. "The current Qualcomm Board is committed to getting a higher price or staying independent, and we agree that Qualcomm’s stock is worth much more," said Jerome Dodson, portfolio manager at the investment fund.
Earlier in February, Qualcomm said that its Irvine, California-based rival's decision to lower the proposed acquisition sum from $146 billion to $142 billion in cash and equity "made an inadequate offer even worse." If realized, the deal could be the biggest ever in the technology sector.
