Qualcomm Rejects Broadcom's Attempt to Replace Board
Qualcomm today said it won't entertain the idea of replacing its board of directors with substitutes nominated by Broadcom. Earlier this month, Broadcom nominated 11 people to Qualcomm's board of directors. It appealed directly to Qualcomm shareholders to change the company's leadership at its annual meeting, scheduled for March 2018. Broadcom's goal is to stack the board with people who would favor Broadcom's attempt to acquire Qualcomm. Qualcomm isn't having it. "After a thorough review of the Broadcom-Silver Lake nominees, the Governance Committee concluded that these nominees are inherently conflicted and would not bring incremental skills or expertise to the Qualcomm Board," said Qualcomm. Qualcomm went on to say its existing board is educated enough to understand the markets, opportunities, and threats that face Qualcomm in the coming years. Qualcomm also believes Broadcom's offer dramatically undervalues Qualcomm. Moreover, Broadcom has not proposed how to navigate regulatory hurdles that would face such a deal, nor has it shown in detail how it would finance the acquisition.
Qualcomm Rejects Broadcom's Acquisition Offer
Qualcomm's board of directors today unanimously rejected Broadcom's Nov. 6 offer to buy the company in a deal that would have been valued at approximately $130 billion.
Broadcom Proposes to Oust Qualcomm's Board
Broadcom today suggested Qualcomm's shareholders elect an entirely new board of directors during the latter's planned annual shareholder meeting on March 6, 2018. Broadcom took the opportunity to nominate 11 people to replace Qualcomm's board.
Broadcom Takes Aim at Qualcomm with Unsolicited $130B Bid
Broadcom today made an unsolicited offer to buy Qualcomm for $70 per share, a deal valued at approximately $130 billion. According to Broadcom, the merged entity would be a diverse communications semiconductor company that would be able to accelerate innovation, deliver more advanced products, and create compelling financial savings/efficiencies.
Avago Technologies May Buy Broadcom
Avago Technologies is in advanced talks to acquire Broadcom, reports the Wall Street Journal. Terms of the deal are not yet available, and the Journal's sources say the deal may not be signed.
No messages yet