Broadcom Limited (AVGO) announced it has notified Qualcomm Incorporated (QCOM) of its intention to nominate a slate of 11 independent individuals for election to Qualcomm's Board and to propose certain other matters for the consideration of stockholders at Qualcomm's Annual Meeting. Broadcom said it would support a decision by the 11 new directors, upon their election, to increase the size of the Board and reappoint Mark McLaughlin, Anthony Vinciquerra and Jeffrey Henderson as directors.
Hock Tan, CEO of Broadcom, said, "We have heard from many Qualcomm stockholders who have expressed their desire for Qualcomm to engage with us. Although we are taking this step, it remains our strong preference to engage in a constructive dialogue with Qualcomm."
On November 6, 2017, Broadcom proposed to acquire all of the outstanding shares of Qualcomm for per share consideration of $70.00 in cash and stock, consisting of $60.00 in cash and $10.00 in Broadcom shares.
by RTT Staff Writer
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