Qualcomm price may be too high for Broadcom merger

The odds of Broadcom buying rival chipmaker Qualcomm decreased on Monday, The Post has learned.

The likelihood of a deal between the two cellular phone chipmakers fell because Broadcom is not likely to move substantially higher from its “best and final” offer of $79 a share, a source who knows Broadcom Chief Executive Hock Tan told The Post — while Qualcomm is seeking a much higher price.

Meanwhile, on Monday, for the first time in the months that it has been pursued, Qualcomm set its asking price.

The price, while not disclosed, is said to be $90 a share. That puts Qualcomm in play — but perhaps out of Broadcom’s reach.

“For the reasons we have stated publicly to our stockholders, and privately to you in our meetings, the Qualcomm Board continues to be of the unanimous belief that each of your proposals, including your prior $82 per share proposal [that was later lowered], materially undervalues Qualcomm,” the company said in a statement on Monday, referring to Broadcom.

“The odds of a deal getting done just went down,” the source, who knows Tan but is not working on this merger, said.

Tan will likely continue to pursue Qualcomm for a short time — especially if he wins several board seats at the March 6 annual meeting.

Proxy advisory firms ISS and Glass Lewis recommend Qualcomm shareholders add at least four Broadcom nominees to its 12-member board.