Qualcomm, Broadcom To Meet

Broadcom Scales Back Qualcomm Board Challenge to Simple Majority

Initially, Broadcom offered a $130 billion buyout, and then upped the ante to $145 billion last week.

Qualcomm's board of directors is scheduled to meet with Tan and Broadcom officials on Wednesday.

As Venturebeat reports, by lowering the number of proposed nominees from 11 to six, Broadcom will still be able to gain a majority on the board and push a merger through, but the transition will be less jarring.

Broadcom has announced that it will seek to elect a majority of just six members to Qualcomm's board of directors at the latter's annual shareholder meeting on March 6.

Broadcom's six nominees are: Samih Elhage, formerly of Nokia; David Golden, former investment banker at J.P. Morgan; Veronica Hagen, retired CEO of Polymer Group; Julie Hill, owner of The Hill Co.; John Kispert of Black Diamond Ventures and Harry You, a former executive with EMC Corp.

Broadcom noted that by electing all of its nominees, Qualcomm stockholders will direct a simple majority of the board to transact with Broadcom on its proposal, while also ensuring that there is board continuity with the remaining five directors.

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The move comes a week after Broadcom made a $121 billion "best and final offer" to buy Qualcomm, which was later rejected.

Broadcom, which makes connectivity chips used in products ranging from mobile phones to servers, first approached Qualcomm in November.

With that in mind, the company is seeking to strike a balance between continued resistance to Broadcom's takeover and heeding the calls of shareholders who have urged the company to engage with its rival in case it can clinch an attractive deal.

It has warned that regulators could take more than 18 months to approve the deal, and may never do so. Apple and Qualcomm are now locked in a bitter legal dispute. They include offering to pay Qualcomm an $8 billion breakup fee should antitrust regulators block the deal.

Qualcomm's shares dipped 26 cents to $65.40 in early trading Tuesday. However, Qualcomm once again rejected the deal, arguing that the figure significantly undervalues the company and that the deal would likely face significant regulatory hurdles anyway.

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