Broadcom nominates 11 members for Qualcomm Board

By Pouyan Broukhim

Having unsuccessfully attempted to acquire Qualcomm of late, US semiconductor giant Broadcom has now ramped up its endeavour by nominating 11 of its own members to the Board of Qualcomm.

Qualcomm’s entire Board of Directors is currently up for re-election - something that Broadcom is looking to take advantage of in order to push through its desired acquisition, having had a $103bn takeover bid rejected less than a month ago.

See also:

“We have heard from many Qualcomm stockholders who have expressed their desire for Qualcomm to engage with us,” said Hock Tan, President and CEO of Broadcom.

“We also continue to receive positive feedback from customers and, having had initial meetings with certain relevant antitrust authorities, remain confident that any regulatory requirements necessary to complete a combination will be met in a timely manner.”

“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 has criticised Broadcom in its latest advances whilst reiterating its own strong position as an international leader within the smart automotive, IoT and mobile markets.

“Qualcomm believes that this action is a blatant attempt to seize control of the Qualcomm Board in order to advance Broadcom’s acquisition agenda,” the company said. “These nominees are inherently conflicted given Broadcom’s desire to acquire Qualcomm in a manner that dramatically undervalues Qualcomm to Broadcom’s benefit.”

Qualcomm shareholders will be able to vote either for or against the Broadcom nominees during the company’s annual meeting, held on 6 March of next year.

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability