Qualcomm confirms Broadcom meeting as takeover talks continue

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Qualcomm has confirmed it met with representatives from Broadcom earlier this week as potential takeover talks rumble on.

In a statement, the San Diego-based chipmaker said that discussions had taken place, with the company's board now set to meet and decide on the outcome.

“We met with representatives of Broadcom for two hours earlier today, and listened carefully to what they had to say," the statement said. "The Qualcomm Board will promptly meet to discuss the meeting and to determine next steps.”

The news marks the first time representatives of the two companies have met in person to discuss a potential deal, with sources familiar with the matter telling Reuters that the outcome was still somewhat in the balance.

Broadcom has been attempting a hostile takeover of its fellow chipmaker for several months now, with Qualcomm rejected a bid of $82 per share last week. However it now seems like Broadcom's latest offer, thought to be $121 billion, may have finally swayed Qualcomm's board.

Qualcomm shareholders are set to vote on March 6th regarding Broadcom's proposal to replace most of the company's board with new figures nominated by Broadcom.