https://www.cnbc.com/2018/02/20/broadcoms-qualcomm-bid-is-just-not-even-close-lead-director-says.html

Broadcom's latest bid for rival chipmaker Qualcomm was "just not even close to what the value of the company is," Tom Horton, lead director for the takeout contender, said Tuesday.

Qualcomm last week rejected the bid of $82 a share, or roughly $121 billion. That offer represents a 11x or 12x multiple on earnings, Horton told CNBC's "Squawk on the Street," compared to the semiconductor industry's average multiple of 18.