Chipmaker Broadcom Ltd made its first formal move toward a hostile bid to take over Qualcomm Inc on Monday, laying out a slate of 11 nominees it wants to put on the board of the US semiconductor firm.
Qualcomm confirmed its receipt of the board candidates but argued that "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", it said in a statement. Ingalls & Snyder LLC now owns 1,331 shares of the semiconductor manufacturer's stock worth $310,000 after purchasing an additional 105 shares during the last quarter.
Qualcomm shares fell 1.8 percent, while Broadcom lost 2.2 percent. Moreover, the company stated that it would support expanding the 11-person board to make room for three current directors if the replacement proposal is accepted. "In light of the significant value our proposal provides for Qualcomm stockholders, we believe Qualcomm stockholders would be better served by new independent, highly qualified nominees who are committed to maximizing value and acting in the best interests of Qualcomm stockholders".
Qualcomm's entire Board of Directors is now up for re-election, something that Broadcom is attempting to take advantage of in order to force through its desired acquisition, having had a $103bn takeover bid rejected by Qualcomm less than a month ago.
Broadcom has indicated it is willing to acquire Qualcomm irrespective of whether it closes the NXP deal.
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While Qualcomm has blasted Broadcom for this attempt, they also state that the company has yet to offer any appropriate solutions to regulatory hurdles that may come up.
Calling the bid unsolicited, Qualcomm claimed the acquisition offer - worth £80 billion - doesn't reflect its achievements or future plans. In addition, Qualcomm is continuing its development of its mobile chips and transition into 5G networks. Qualcomm stockholders are poised to participate in substantial growth and value creation as the Company continues to execute its strategy across its businesses.
Tom Horton, Qualcomm's presiding director, said no company is better positioned than Qualcomm to bring mobile technologies to these industries.
If Broadcom decides to raise its bid before March, it could help the company win over Qualcomm's stockholders very quickly.
"We have repeatedly attempted to engage with Qualcomm, and despite stockholder and customer support for the transaction, Qualcomm has ignored those opportunities", he said.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the business's stock in a transaction dated Wednesday, November 15th.
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