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Doubling in 20 years is only a 3.5% rate of return. That’s not great.

right now they are also paying dividend worth ~3% assuming they keep on doing this it would be 6.5% not bad..

Qualcomm from the article isn't happy with the deal on their own.

"Qualcomm is preparing to fend off the unsolicited offer, arguing it undervalues the company, people familiar with the plans have said. Qualcomm will argue that the proposal is an opportunistic move to buy the chipmaker on the cheap, the people said, and it will likely recommend that shareholders reject it"

Stock prices already account for expected future growth trends.