Qualcomm confirms receiving Broadcom's board nominees

Qualcomm confirms receiving Broadcom's board nominees

Broadcom officially launched a hostile takeover bid for Qualcomm on Monday, nominating 11 alternative candidates to Qualcomm's board of directors.

Qualcomm said it believes this action is a blatant attempt to seize control of the Qualcomm board in order to advance Broadcom's acquisition agenda. These nominees are inherently conflicted given Broadcom's desire to acquire Qualcomm in a manner that dramatically undervalues Qualcomm to Broadcom's benefit. The fund owned 9,719 shares of the semiconductor manufacturer's stock after purchasing an additional 1,108 shares during the period.

The ongoing efforts of chipmaker Broadcom to take over rival Qualcomm has escalated again.

"We have repeatedly attempted to engage with Qualcomm, and despite stockholder and customer support for the transaction, Qualcomm has ignored those opportunities". It's current board remain optimistic about the company future and offering better returns to shareholders in the future.

Qualcomm's entire Board of Directors is now up for re-election, something that Broadcom is attempting to take advantage of in order to force through its desired acquisition, having had a $103bn takeover bid rejected by Qualcomm less than a month ago.

Qualcomm provides chips to carrier networks to deliver broadband and mobile data, and is now working on chips for mobile and transition to 5G networks.

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Chief executive Steve Mollenkopf added that Qualcomm's achievements to date have offered significant value to stockholders.

"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", Tom Horton, Qualcomm's presiding director, said in a statement. This does, however, leave the door open for Broadcom to come in with a better offer that Qualcomm may consider, but that's quite a ways away.

On November 6, Broadcom submitted a $130 billion offer, including $25 billion of debt (the largest in tech history if completed), to acquire 100 percent of Qualcomm, including Qualcomm's pending acquisition of NXP Semiconductors.

Cambridge Investment Research Advisors Inc. increased its holdings in Broadcom Limited (NASDAQ:AVGO) by 12.9% during the 3rd quarter, according to its most recent Form 13F filing with the SEC.

"The combination of the two companies could generate strong synergies and create a dominant wireless business and overall powerful global semiconductor leader", said Mike Walkley, an analyst at Canaccord Genuity told Bloomberg, which broke the story.

The proposal represents the next move for Broadcom to try to make the takeover happen by taking the issue directly to Qualcomm's shareholders. However, according to sources it's likely to reject the offer according to sources, as it doesn't feel it's representative of the value of the company or the people in it.

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