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Broadcom Has Taken Another Step in Its Hostile Bid for Qualcomm

December 4, 2017, 1:05 PM UTC

Chipmaker Broadcom took its first formal step toward a hostile bid to take over Qualcomm on Monday, unveiling a list of 11 nominees to the board of the U.S. semiconductor firm.

The nine men and two women included a former president of the mobile networks business group of Nokia and the former director and chairman of the board of Dialog Semiconductor.

The full list was included in the statement:

Qualcomm rejected Broadcom’s $103 billion cash-and-stock bid last month. Qualcomm shareholders will be able to vote on Broadcom’s board director slate at an annual meeting on March 6.

“We have heard from many Qualcomm stockholders who have expressed their desire for Qualcomm to engage with us,” Broadcom’s Chief Executive Hock Tan said in a statement on Monday. “We have repeatedly attempted to engage with Qualcomm, and despite stockholder and customer support for the transaction, Qualcomm has ignored those opportunities. The nominations give … stockholders an opportunity to voice their disappointment.”

Reuters reported on Sunday that Broadcom would unveil the nominees on Monday.

Broadcom did not give details of any new offer for Qualcomm. Reuters reported last month that Broadcom was considering raising its offer by offering more of its own stock.

Shares of Broadcom (AVGO) were up nearly 1% in premarket trading, while Qualcomm’s stock (QCOM) was up marginally at $65.68.