Broadcom Now Seeks Six Seats on Qualcomm Board, Would Retain Majority Control
February 13 2018 - 9:37AM
Dow Jones News
By Bowdeya Tweh
Broadcom Ltd. said Tuesday it will nominate six independent
directors to Qualcomm Inc.'s board, down from its prior target of
11, as it pleads its case with shareholders to move forward a $121
billion takeover bid that has been rebuffed by Qualcomm
leaders.
The plan comes ahead of Qualcomm's March 6 annual meeting, and
one day after Broadcom said it had lined up as much as $100 billion
of debt financing to help acquire Qualcomm.
On Tuesday, Broadcom said it would withdraw the $82-a-share
offer after the annual meeting if its six nominees aren't elected
or if Qualcomm continues to reject the proposal.
The company in December said it wanted to nominate 11 new
independent directors for election.
Broadcom Chief Executive Hock Tan said in prepared remarks the
company has heard from Qualcomm shareholders who support its
proposal and willingness to provide continuity on the board.
Broadcom's nominees for Qualcomm's board are Samih Elhage, David
Golden, Veronica Hagen, Julie Hill, John Kispert and Harry You.
Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com
(END) Dow Jones Newswires
February 13, 2018 09:22 ET (14:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
QUALCOMM (NASDAQ:QCOM)
Historical Stock Chart
From Mar 2024 to Apr 2024
QUALCOMM (NASDAQ:QCOM)
Historical Stock Chart
From Apr 2023 to Apr 2024
