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06 December 2017, 01:04 | Patty Hardy
SEC FORM 4 - SEC.gov
Shareholders of Qualcomm will vote for or against the Broadcom nominees at the company's annual meeting on 6 March. Qualcomm has already released a statement blasting Broadcom's take over attempt, calling this attempt to replace board of directors "a blatant attempt to seize control of the Qualcomm Board in order to advance Broadcom's acquisition agenda".
The Singapore-based chip maker made an unsolicited offer on November 6 for to acquire Qualcomm for $70.00 per share in cash and stock, a 28 percent premium over the closing price of Qualcomm's stock on November 2.
Broadcom president and CEO Hock Tan highlighted the company's increasing desire to purchase its rival and also noted Qualcomm's insistence of rejecting its approaches.
The slate will be heavily scrutinized, because the nominees will not just be asked to put Qualcomm up for sale, but will have to oversee the company until a deal with Broadcom closes.
The San Diego company also cited a number of problems with Broadcom's offer, including regulatory issues, lack of financing and uncertainty surrounding Broadcom's move from Singapore to San Jose.
Broadcom's $103 billion bid for fellow chipmaker Qualcomm is not only unsolicited, it is now hostile.
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Chief executive Steve Mollenkopf added that Qualcomm's achievements to date have offered significant value to stockholders. Qualcomm stockholders are poised to participate in substantial growth and value creation as the Company continues to execute its strategy across its businesses.
"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. In addition, some NXP shareholders want Qualcomm to increase its $110 per share offer, which is below NXP's current trading price.
Broadcom Limited (NASDAQ:AVGO) opened at $263.61 on Tuesday.
"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.
Qualcomm said in its statement on Monday that Broadcom and Silver Lake were effectively asking stockholders to foreclose options and make a decision now on a non-binding proposed transaction that may not be completed for well over a year.
"We have repeatedly attempted to engage with Qualcomm, and despite stockholder and customer support for the transaction, Qualcomm has ignored those opportunities", he said.
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