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Qualcomm : Rejects Board Nominees from Broadcom, Silver Lake

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12/22/2017 | 02:25pm CET
   By Allison Prang 

Qualcomm Inc. (>> Qualcomm) on Friday said its board won't nominate any of the 11 candidates proposed by Broadcom Ltd.(>> Broadcom Limited) and Silver Lake Partners, as it seeks to retain control of the company following Broadcom's $105 billion hostile takeover bid.

Qualcomm said the nominees "are inherently conflicted and would not bring incremental skills or expertise." The company said its board is instead nominating its current 11 directors.

"Broadcom and Silver Lake are asking Qualcomm stockholders to turn over control of their company now to the hand-picked Broadcom-Silver Lake nominees based on a proposal that dramatically undervalues Qualcomm and is not actionable due to its significant regulatory uncertainty, which may not be resolved for 18 months, if ever, and lack of committed financing," Qualcomm said in a news release.

The board rebuff comes a little more than a month after Qualcomm rejected the takeover proposal from Broadcom.

Silver Lake is the private-equity firm backing the proposed takeover. With $39 billion in assets, Silver Lake is one of the biggest players in technology investing. It pledged $5 billion in convertible debt to back Broadcom's bid for Qualcomm. Qualcomm's annual meeting is March 6.

Shares of Qualcomm rose 0.4% premarket Friday.

-Miriam Gottfried and Dawn Lim contributed to this article.

Write to Allison Prang at [email protected]

Stocks mentioned in the article : Qualcomm, Broadcom Limited
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Financials ($)
Sales 2018 22 891 M
EBIT 2018 5 862 M
Net income 2018 4 002 M
Finance 2018 16 195 M
Yield 2018 3,45%
P/E ratio 2018 25,79
P/E ratio 2019 23,11
EV / Sales 2018 3,67x
EV / Sales 2019 3,54x
Capitalization 100 B
Duration : Period :
Qualcomm Technical Analysis Chart | QCOM | US7475251036 | 4-Traders
Technical analysis trends QUALCOMM
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 68,1 $
Spread / Average Target 0,05%
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Steven M. Mollenkopf Chief Executive Officer & Director
Cristiano R. Amon President
Paul E. Jacobs Executive Chairman
George S. Davis CFO, Principal Accounting Officer & Executive VP
Mary Gendron Chief Information Officer & Senior Vice President
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