Report: Broadcom to release its candidates for Qualcomm's board tomorrow as deal turns hostile
Qualcomm's annual meeting is scheduled for March 6, 2018. Qualcomm moved to sharply expand its business previous year with a $38.5 billion deal to acquire NXP Semiconductors, a transaction that is still awaiting regulatory approval. It was also said that private equity firm Silver Lake has helped with recruiting the nominees.
Broadcom said that if elected, the new board would vote to return the existing Qualcomm directors Mark D. McLaughlin (CEO of Palo Alto Networks), Tony Vinciquerra (CEO Of Sony Pictures Entertainment) and Jeffrey Henderson (advisory director at Berkshire Partners). It has been considering an improved bid, and will likely present it by March based on the reception its board director slate receives from Qualcomm shareholders, the sources added. Broadcom and Qualcomm declined to comment.
In early November, news broke out that Qualcomm unanimously rejected Broadcom's $130bn offer."It is the Board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the Company's leadership position in mobile technology and our future growth prospects", said Paul Jacobs, Qualcomm executive chairman. If the results do not allow Broadcom to unseat Qualcomm's Board of Directors, we could see a new bid announced, high enough to get the majority of stockholders to tender their shares to Broadcom. Apple, a longtime user of Qualcomm's cellular chips, set off a separate legal struggle by filing a suit challenging the company's patent-licensing fees.
Qualcomm is also trying to close its $38 billion acquisition of automotive chipmaker NXP Semiconductors NV after signing a deal in October 2016.
Shares of Broadcom were up almost 1 percent in premarket trading, while Qualcomm's stock was up marginally at $65.68. Qualcomm, on the other hand, thinks the regulatory review process could last even longer.
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