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.
Dec 4, 2017
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.
Feb 8, 2018
Qualcomm's board of directors today unanimously rejected Broadcom's revised bid to acquire the company for $121 billion. Qualcomm's board continues to insist that Broadcom is undervaluing Qualcomm's overall worth.
Mar 5, 2018
The U.S. government ordered Qualcomm to cancel a vote scheduled for Tuesday to allow the government more time to review a potential merger between Qualcomm and Broadcom.
Mar 9, 2018
Broadcom today said it won't sell anything considered a "critical national security asset" to foreign buyers if its proposed purchase of Qualcomm is approved by U.S. regulators.
Feb 16, 2018
Qualcomm today said Broadcom's acquisition offer simply isn't good enough as currently proposed. The companies met earlier this week to go over some of the finer points of Broadcom's $121 billion bid to purchase Qualcomm, and Qualcomm still came away leery that the deal won't work out.