Broadcom and Qualcomm; GNC — CORPORATE REPORT

Broadcom launches 11-nominee slate for Qualcomm boardMore

In its own statement, Broadcom said its proposal represented a 28 percent premium over the closing price of Qualcomm's common stock on November 2. But, once again, Qualcomm can't be swayed.

Shareholders will be asked to vote on the competing slates of candidates, with results to be announced at a shareholders meeting scheduled for March 6.

"In light of the significant value our proposal provides for Qualcomm stockholders, we believe Qualcomm stockholders would be better served by new independent, highly qualified nominees who are committed to maximizing value and acting in the best interests of Qualcomm stockholders", Tan said.

Qualcomm is also trying to close its $38 billion acquisition of automotive chipmaker NXP Semiconductors NV (NXPI.O) after signing a deal in October 2016. "We have repeatedly attempted to engage with Qualcomm, and despite stockholder and customer support for the transaction, Qualcomm has ignored those opportunities", he said. "The nominations give ... stockholders an opportunity to voice their disappointment".

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"Qualcomm believes that this action is a blatant attempt to seize control of the Qualcomm board in order to advance Broadcom's acquisition agenda", said the USA firm.

The recruitment pool, which includes a former president of Nokia's the Mobile Networks group and a former director and chairman of the board of Dialog Semiconductor, would oversee Qualcomm's day-to-day operations until a deal with Broadcom closed. Broadcom and Qualcomm declined to comment. The deal is potentially worth up to $130 billion if Qualcomm's debt is taken into consideration. The offered amount was 33 percent higher than Qualcomm's 30-day average share price at the time. Under Broadcom's proposal, Qualcomm stockholders would receive per share and it will consist of $60.00 in cash and $10.00 per share in Broadcom shares.

On Monday, Broadcom and Silver Lake, a private equity investor, unveiled a slate of 11 nominees to Qualcomm's board - the first step in a potential hostile takeover bid.

Qualcomm criticized Broadcom's proposed acquisition and highlighted the many uncertainties associated with it, including regulatory hurdles and lack of committed financing. Broadcom's candidates list has a similar mix in expertise, but none of the candidates is affiliated with Qualcomm. Qualcomm shares were $64.56, down 93 cents. Major asset management firms (BlackRock, Vanguard and Fidelity) and banks (Bank of America, Wells Fargo) are among the largest shareholders.

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