Broadcom scales back Qualcomm board nominees to simply majority

Tuesday 13 February 2018 | 15:32 CET | News

Broadcom is scaling back its proposal for a new board at Qualcomm to six nominees from 11. The company said talks with Qualcomm shareholders showed that many wanted to see more continuity in the board if Broadcom succeeds in its takeover of Qualcomm. 

If Broadcom's proxy list of directors is elected by shareholders at Qualcomm's AGM on 06 March, the company would still have a majority of the board seats to back its bid. In a statement, Broadcom said electing its slate of directors is "the only way" for Qualcomm stockholders to benefit from its "best and final offer" for Qualcomm of USD 82 per share. The offer will be withdrawn following the AGM unless Broadcom has entered into a definitive agreement to acquire Qualcomm or Broadcom's six independent nominees are elected, the company said. 

The six nominees are Samih Elhage, David Golden, Veronica Hagen, Julie Hill, John Kispert and Harry You. Broadcom will file with the Securities and Exchange Commission a supplement to its proxy statement, accompanied by a revised proxy card on which Qualcomm stockholders can vote to elect its nominees. 

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