Deals
Qualcomm Urges Rejection of Broadcom's Board Nominee Slate
- Candidates are part of Broadcom’s $105 billion hostile offer
- Qualcomm details communcation with suitor in new proxy filing
Photographer: Brent Lewin/Bloomberg
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Qualcomm Inc.’s board is opposing the nomination of 11 new directors by Broadcom Ltd. as of part its $105 billion hostile offer for the chipmaker.
Broadcom’s nominees are inherently biased in favor of the bid, which undervalues Qualcomm and wouldn’t bring the skills needed to run the company during a lengthy regulatory approval process, the San Diego, California-based chipmaker said in a statement Friday.