Broadcom To Seek Election Of Six Nominees To Qualcomm Board

A building on the Qualcomm campus is seen in San Diego California U.S

This follows Broadcom's original declaration from early December when it revealed it was looking to replace all 11 Qualcomm board members with its own candidates.

Qualcomm Inc and Broadcom Ltd plan to meet on Wednesday to talk about the latter's $121 billion acquisition offer, the first time the semiconductor companies will discuss the potential deal, people familiar with the matter said.

Broadcom has stressed that its $82/share offer will be withdrawn unless its proposed nominees are accepted at the March meeting or Qualcomm agrees to its offer.

By lowering its proposed nominees from 11 to six members, Broadcom is still pushing for a majority presence on the Qualcomm board, but it will now be able to claim a more balanced approach to pushing the merger through, one that benefits from "continuity" and a more seamless transition.

Singapore- and San Jose-based Broadcom is waging a proxy battle for control of the San Diego wireless pioneer, offering $82 per share for a stock that closed Wednesday at $66.59.

Beware These Bank Stocks in the Short Term
ValuEngine raised shares of Bank of America from a "hold" rating to a "buy" rating in a research report on Friday, February 2nd. California State Teachers Retirement System grew its position in shares of Bank of America by 4.5% during the fourth quarter.

Broadcom is mainly a manufacturer whose connectivity chips are used in products ranging from mobile phones to servers.

The difference in their business models has led to Qualcomm raising concerns that its licensing agreements with customers could be upended should a deal with Broadcom be announced.

Qualcomm will likely attempt to close its acquisition of NXP as soon as it can to forestall a takeover attempt by Broadcom.

Qualcomm has been a supplier of components to Apple for years, but the relationship soured last year when Apple accused Qualcomm of overcharging for chips and refused to pay some $1 billion in promised rebates. That outcome would nearly certainly lead to settlement of the litigation with Apple and other clients and antitrust bodies, but at the expense of Qualcomm's...

The meeting came after Qualcomm rejected Broadcom's revised cash-and-stock bid of $82 per share last week and said the new offer still undervalued it and fell well short of the firm commitments on regulatory issues it expected.

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