Electronics

Broadcom fires board broadside from shaky platform

Broadcom fires board broadside from shaky platform

Photo Broadcom has proposed a slate of 11 directors to replace the entire board of Qualcomm, setting the stage for a proxy battle over the fate of its unsolicited $105 billion bid for the world's largest maker of smartphone chips.

Broadcom is set to take its first formal step towards a "hostile bid" to takeover Qualcomm, according to Reuters.

Broadcom chief executive Hock Tan said he hoped to negotiate an agreement with Qualcomm on what he claimed was a beneficial deal for both companies. "The nominations give Qualcomm stockholders an opportunity to voice their disappointment with Qualcomm's directors and their refusal to engage in discussions with us".

"No company in the industry is better positioned than Qualcomm in mobile, IoT, automotive, edge computing and networking and to lead the transition to 5G", said Tom Horton, Qualcomm's presiding director. Qualcomm's board previously rejected that amount as too low. According to the report Broadcom is set to unveil nominees whom Qualcomm shareholders can vote on to replace the USA semiconductor company's board of directors, according to people familiar with the matter.

Supermoon photos: See incredible shots of 2017 lunar spectacle
A year ago the moon made its closest approach to the Earth since 1948, and it won't be this close again until November 25, 2034. Since the Moon's orbit is elliptical, one side (apogee) is about 50,000 km farther from the Earth than the other (perigee).

Broadcom shares are down 1.7%.

"In light of the significant value our proposal provides for Qualcomm stockholders, we believe Qualcomm stockholders would be better served by new independent, highly qualified nominees who are committed to maximizing value and acting in the best interests of Qualcomm stockholders", Tan said.

Qualcomm rejected the offer on November 13. "We also continue to receive positive feedback from customers and, having had initial meetings with certain relevant antitrust authorities, remain confident that any regulatory requirements necessary to complete a combination will be met in a timely manner". Effectively, Broadcom is seeking to bypass the current company leadership and go directly to investors with its takeover bid by asking them to appoint directors who would support the offer. 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. The deal would consist of $60 in cash and $10 per share in Broadcom stock.


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