Broadcom fires board broadside from shaky platform
05 December, 2017, 02:33 | Author: Terri Saunders
The proposal was widely seen as a tactic to pressure Qualcomm to negotiate what would be the largest technology deal in history.
The ongoing efforts of chipmaker Broadcom to take over rival Qualcomm has escalated again.
Broadcom will not be unveiling any new offer for Qualcomm on Monday, the sources said.
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Broadcom's move comes after Qualcomm rejected its $103 billion cash-and-stock bid last month.
Friday is the deadline to propose director candidates. "Qualcomm stockholders expect a board that will support this innovation while evaluating objectively the full range of opportunities available to maximize value for all Qualcomm stockholders". He said that despite the looming proxy battle, "it remains our strong preference to engage in a constructive dialogue with Qualcomm".
Broadcom said that to "ensure continuity", if Qualcomm shareholders approve Broadcom's board nominees, it would support expanding Qualcomm's board to 14 members that would include current Qualcomm directors Mark McLaughlin, Anthony Vinciquerra and Jeffrey Henderson. For its part, Qualcomm has already released a statement blasting Broadcom's attempt, calling Broadcom's nomination of board members "a blatant attempt to seize control of the Qualcomm Board in order to advance Broadcom's acquisition agenda".
"These nominees are inherently conflicted given Broadcom's desire to acquire Qualcomm in a manner that dramatically undervalues Qualcomm to Broadcom's benefit".
FILE PHOTO: A Qualcomm sign is pictured at one of its many campus buildings in San Diego, California, U.S. April 18, 2017.
Broadcom is turning up the heat on its unsolicited $130 billion bid to buy Qualcomm.
Several large investors in Qualcomm have expressed their opposition to the current offer but would be open to a higher bid, according to people with direct knowledge of the matter.
Broadcom also counts Apple as a key customer for a different class of wireless chips.
Qualcomm does not need to decide to raise its offer for NXP until that deal receives antitrust clearance from all the regulators reviewing the deal around the world. Besides antitrust concerns, the possibility of sensitive USA technology falling into foreign hands would be examined closely by the Committee on Foreign Investment in the United States, or CFIUS. However, Qualcomm argues that Broadcom is being opportunistic and seeks to exploit the recent drop in its stock price to pull off an acquisition on the cheap at shareholders' expense.
Broadcom, although managed from San Jose, Calif., is headquartered in Singapore.
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