Broadcom launched a proxy battle to acquire Qualcomm, proposing a number of directors for election at Qualcomm’s AGM in March. The decision follows Qualcomm’s rejection of Broadcom’s USD 130 billion takeover bid.
Qualcomm said the nominees put forth by Broadcom and Silver Lake were “inherently conflicted” and would not bring incremental skills or expertise to the Qualcomm Board. The company noted that Broadcom and Silver Lake are asking its stockholders to turn over control of their company to the “hand-picked Broadcom-Silver Lake nominees based on a proposal that dramatically undervalues Qualcomm and is not actionable due to its significant regulatory uncertainty, which may not be resolved for 18 months, if ever, and lack of committed financing.”
Qualcomm added that Broadcom has made no commitments to resolve the serious regulatory issues inherent in its proposal.
Qualcomm’s board is nominating its 11 incumbent directors for re-election at the AGM, namely Barbara Alexander, Jeffrey Henderson, Thomas Horton, Paul Jacobs, Ann Livermore, Harish Manwani, Mark McLaughlin, Steve Mollenkopf, Clark Randt, Jr, Francisco Ros and Tony Vinciquerra.
