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4-Traders Homepage  >  Equities  >  Nasdaq  >  Broadcom Limited       SG9999014823

BROADCOM LIMITED
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Broadcom : Qualcomm board rejects Broadcom, Silver Lake director nominees

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12/22/2017 | 02:18pm CEST
Qualcomm's logo is seen during Mobile World Congress in Barcelona

(Reuters) - Qualcomm Inc (>> Qualcomm) on Friday rejected the 11 director nominees picked by Broadcom Ltd (>> Broadcom Limited) and private-equity firm Silver Lake Partners, likely setting the stage for a bitter proxy battle between the chipmakers.

(Reuters) - Qualcomm Inc (>> Qualcomm) on Friday rejected the 11 director nominees picked by Broadcom Ltd (>> Broadcom Limited) and private-equity firm Silver Lake Partners, likely setting the stage for a bitter proxy battle between the chipmakers.

Broadcom earlier this month took its first formal step to replace Qualcomm's board with its slate of nominees.

Qualcomm in November rejected Broadcom's $103 billion (77 billion pounds) cash-and-stock bid, saying it dramatically undervalued the company.

The U.S. semiconductor firm's board is nominating its 11 incumbent directors for re-election at the 2018 annual meeting, Qualcomm said on Friday.

Broadcom's list included a former president of the mobile networks business group of Nokia, and the former director and chairman of the board of Dialog Semiconductor Plc (>> Dialog Semiconductor).

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

After reviewing Broadcom's nominees, Qualcomm's governance committee concluded that they are inherently conflicted and would not bring incremental skills or expertise to its board, the chipmaker said on Friday.

Reuters previously reported that Silver Lake, an investor in Broadcom, helped Broadcom recruit the nominees.

Shares of Qualcomm were up marginally at $64.55, while Broadcom's shares were slightly lower at $261.50 in light premarket trading.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Martina D'Couto)

Stocks treated in this article : Qualcomm, Dialog Semiconductor, Broadcom Limited
Stocks mentioned in the article
ChangeLast1st jan.
SILVER -0.83% 16.924 Delayed Quote.1.07%
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Financials ($)
Sales 2018 21 190 M
EBIT 2018 10 236 M
Net income 2018 8 639 M
Debt 2018 4 155 M
Yield 2018 2,85%
P/E ratio 2018 11,35
P/E ratio 2019 19,66
EV / Sales 2018 4,79x
EV / Sales 2019 4,45x
Capitalization 97 398 M
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Mean consensus OUTPERFORM
Number of Analysts 33
Average target price 317 $
Spread / Average Target 34%
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Managers
NameTitle
Hock E. Tan President, Chief Executive Officer & Director
James V. Diller Chairman
Boon Chye Ooi Senior Vice President-Global Operations
Thomas H. Krause Chief Financial Officer
Henry Samueli Chief Technical Officer & Director
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