Broadcom Now Seeks Six Seats on Qualcomm Board, Would Retain Majority Control

By Bowdeya Tweh 

Broadcom Ltd. said Tuesday it will nominate six independent directors to Qualcomm Inc.'s board, down from its prior target of 11, as it pleads its case with shareholders to move forward a $121 billion takeover bid that has been rebuffed by Qualcomm leaders.

The plan comes ahead of Qualcomm's March 6 annual meeting, and one day after Broadcom said it had lined up as much as $100 billion of debt financing to help acquire Qualcomm.

On Tuesday, Broadcom said it would withdraw the $82-a-share offer after the annual meeting if its six nominees aren't elected or if Qualcomm continues to reject the proposal.

The company in December said it wanted to nominate 11 new independent directors for election.

Broadcom Chief Executive Hock Tan said in prepared remarks the company has heard from Qualcomm shareholders who support its proposal and willingness to provide continuity on the board.

Broadcom's nominees for Qualcomm's board are Samih Elhage, David Golden, Veronica Hagen, Julie Hill, John Kispert and Harry You.

Write to Bowdeya Tweh at [e-mail]

(END) Dow Jones Newswires

February 13, 2018 09:22 ET (14:22 GMT)

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