Qualcomm Says Broadcom Action Blatant Attempt To Seize Control Of Its Board

(RTTNews) - Qualcomm Inc. (QCOM) confirmed receipt of Broadcom Limited's (AVGO) nomination of a slate of eleven candidates to replace Qualcomm's existing board of directors at the company's 2018 Annual Meeting of Stockholders.

Qualcomm said it believes this action is a blatant attempt to seize control of the Qualcomm board in order to advance Broadcom's acquisition agenda.

"These nominees are inherently conflicted given Broadcom's desire to acquire Qualcomm in a manner that dramatically undervalues Qualcomm to Broadcom's benefit," Qualcomm said.

Qualcomm noted that its board is composed of 11 "world-class" directors, 9 of whom are independent and 4 of whom have been added in the last 3 years, and all of whom are firmly committed to acting in the best interests of all Qualcomm stockholders.

Further, Qualcomm said it is exceptionally well positioned - with technology and leadership positions across mobile, IoT, Automotive, edge computing and networking - and leading the transition to 5G. The company added that its stockholders are poised to participate in substantial growth and value creation as the company continues to execute its strategy across its businesses.

On November 13, 2017, Qualcomm's board of directors unanimously rejected Broadcom's non-binding, unsolicited proposal to acquire Qualcomm for per share consideration of $60.00 in cash and $10.00 in Broadcom stock.