In a Jan. 16 letter to shareholders, Qualcomm's board made the case for rejecting the Broadcom bid, which was characterized as a "transfer to a hostile acquirer the considerable near- and long-term value creation Qualcomm has in front of it. [Broadcom] is attempting to acquire Qualcomm at an opportunistic, inferior price by installing a slate of conflicted Broadcom/Silver Lake nominees with minimal relevant experience."