Broadcom ups the ante on Qualcomm hostile takeover: Page 2 of 2

December 05, 2017 // By Jean-Pierre Joosting
Broadcom Limited is in for the long haul in its takeover of Qualcomm Incorporated – announcing its intention to nominate eleven independent individuals for election to Qualcomm's Board of Directors at the 2018 Qualcomm Annual Meeting of Stockholders to be held on March 6, 2018.

On the opposite side, Qualcomm contends that Broadcom and Silver Lake are effectively asking stockholders to foreclose options and make a decision now on a non-binding proposed transaction which could not be completed for well over a year, if ever, given the magnitude of regulatory issues, the absence of commitments by Broadcom to resolve those issues, the lack of committed financing, and the uncertainty surrounding Broadcom's transition from Singapore to the United States. Qualcomm believes that this action is a blatant attempt to seize control of the Qualcomm Board in order to advance Broadcom’s acquisition agenda.

“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 stockholders expect a Board that will support this innovation while evaluating objectively the full range of opportunities available to maximize value for all Qualcomm stockholders.”

More information regarding Broadcom's proposal for Qualcomm and nominees can be found by visiting www.AVGO-QCOM.com.