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".

"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.

Related News:



Most liked

Saudi-Led Coalition Provides Air Support for Yemen's Saleh
But in recent months, the alliance frayed amid Houthi suspicions Saleh was leaning toward the Saudi-led coalition backing Hadi. The breakdown of the alliance has led the coalition to step up its bombing of Houthi positions, in support of Saleh's forces.

McConnell: Tax bill won't add to nation's debt woes
It will now be sent to conference committee , where Senate members will have to reconcile their bill with the very different version passed by the House on November 16, before sending it to president Donald Trump to sign.

CME Group sets date for Bitcoin futures launch
One bitcoin was worth just a fraction of a penny when it started trading in 2010, and by the start of this year was worth $1,000. Nasdaq Inc also plans to list a futures contract based on bitcoin in 2018, Reuters reported last week.

Facebook to create 800 new jobs in London
Facebook has unveiled its new office in Central London, 10 years after the social media company first came to the UK. The building has been created to house both engineers and developers along with Facebook's marking and sales teams.

US Defence Secy Mattis arrives in Pak
John Nicholson, the top US commander in Afghanistan, said there have been no changes in Pakistan's support for militant networks. He said the USA has been direct about its expectations from Pakistan. "We're hoping to see those changes", he said.

Patriots' Gronkowski gets one-game suspension for late hit
Zolak thought that White was holding on the play and that somehow excused Gronkowski's retaliation. It was unclear what McDermott said to Belichick to elicit that response from the Patriots coach.

Voyager 1 investigation fires quiescent thrusters in interstellar space
NASA scientists and propulsion experts weren't also sure if the thrusters would work in short bursts, if they worked at all. The aging spacecraft, first launched in 1977, is the fastest and most well-traveled spacecraft ever launched by NASA .

Body of missing 4-year-old girl with autism found in pond
Noel, who is autistic and nonverbal, ran out of her home on Southwest Keats Street near Southwest Becker Road Saturday night. A local resident donated the use of his drone to help in searching areas for the child, police said.

Director Bryan Singer departs Queen biopic mid-production
Robot star, 36, reportedly complained to Twentieth Century Fox about Singer's "unreliability and unprofessionalism". THR remarks Singer's extended absence as the "final straw" for the studio, which led to his termination today.

ABC suspends journalist over inaccurate Flynn reporting
Behar read the false report on air, prompting her audience to break into uproarious applause, which co-host Meghan McCain compared to Oprah's now famous vehicle giveaway.

Elton John announces his mother's death, says he's 'in shock'
Fans and celebrities offered their condolences including singer and actress Betty Buckley who offered her condolences. This past Mother's Day, he tweeted a photo posing with her that was captioned, " Dear Mum, Happy Mother's Day! ".

Amazon officially launches in Australia today
Kindle e-readers are on sale, from the cheapest at $109 to the Kindle Paperwhite from $179 and the all-new Kindle Oasis from $389. Amazon has said that "customers can enjoy free delivery on eligible orders above $49 that are sold by Amazon ".

"House of cards" to resume production next year without Kevin Spacey
Spacey reportedly will not appear in any of the episodes, even though the final season was two weeks into shooting. Said Ted Sarandos , Chief Content Officer for Netflix, " We are excited to bring closure to fans ".

Tribute for missing North Carolina 3 year-old toddler found dead
More than 225 members of 14 local, state and federal agencies conducted almost 100 interviews, and followed more than 140 leads. "We have recovered what we believe are the remains of little Mariah Woods ".

Huskies to play Penn State in the Fiesta Bowl
This is very much a possibility, as it has been proven by Bryce Love and Stanford that Washington can be beaten on the ground. This is the fourth straight year in a row the Nittany Lions are playing in a bowl game under Coach James Franklin .