Published: Tue, December 05, 2017
Economy | By Shawn Conner

Broadcom and Qualcomm; GNC — CORPORATE REPORT

Broadcom and Qualcomm; GNC — CORPORATE REPORT

Under Broadcom's proposal, Qualcomm stockholders would receive per share and it will consist of $60.00 in cash and $10.00 per share in Broadcom shares.

Prominent Qualcomm investors indicated they could be interested in a merger if the price tag goes up, but Bloomberg reported last week Broadcom likely would not raise its offer until closer to the March meeting.

Broadcom's gambit adds a new dimension to a struggle with immensely high stakes.

Qualcomm is also engaged in a patent infringement dispute with Apple Inc (AAPL.O).

The semiconductor giant today issued a proposal to unseat Qualcomm's board of directors, which unanimously rejected last month's acquisition offer for being too low.

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Qualcomm is exceptionally well positioned - with technology and leadership positions across mobile, IoT, Automotive, edge computing and networking - and leading the transition to 5G.

Qualcomm, which remains vehemently opposed to a deal, had been courting its shareholders in recent weeks to gain their backing in the expected proxy fight.

Hock Tan, President and Chief Executive Officer of Broadcom, stated, "We have heard from many Qualcomm stockholders who have expressed their desire for Qualcomm to engage with us". "The nominations give Qualcomm stockholders an opportunity to voice their disappointment with Qualcomm's directors and their refusal to engage in discussions with us". Qualcomm shareholders will be able to vote on Broadcom's board director slate at an annual meeting on March 6.

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

A Qualcomm sign is pictured at one of its many campus buildings in San Diego. The deal is potentially worth up to $130 billion if Qualcomm's debt is taken into consideration.

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Some aspects of Qualcomm's licensing business and other practices have prompted antitrust challenges around the world, including a suit by the Federal Trade Commission.

The deal was quickly shut down in a unanimous decision by Qualcomm's board, which said the deal undervalued Qualcomm and its future prospects.

Broadcom is turning to Qualcomm shareholders to make an acquisition happen, following an unsuccessful takeover talk in November.

Any purchase of Qualcomm would nearly certainly face a lengthy regulatory review.

Broadcom, although managed from San Jose, Calif., is headquartered in Singapore.

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The move was announced by Broadcom, a semiconductor company specializing in in the wireless and broadband industry, in a press release.

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