A Qualcomm sign
A Qualcomm sign in front of one of its many buildings in San Diego. REUTERS/Mike Blake

Qualcomm‘s board has unanimously rejected all 11 director candidates put forward by Broadcom and Silver Lake Partners in their effort to acquire the San Diego-based wireless pioneer.

The rejections were revealed in the preliminary proxy statement filed Friday with the Securities and Exchange Commission in connection with Qualcomm’s upcoming 2018 annual meeting.

“After a thorough review of the Broadcom-Silver Lake nominees, the governance committee concluded that these nominees are inherently conflicted and would not bring incremental skills or expertise to the Qualcomm board,” the company said.

Instead, Qualcomm is nominating its 11 incumbent directors for re-election at the 2018 meeting.

The company said Broadcom and Silver Lake are asking Qualcomm stockholders to turn over control of the company based on a $130 billion acquisition offer “that dramatically undervalues Qualcomm and is not actionable due to its significant regulatory uncertainty.”

Broadcom and Silver Lake, a private equity firm that is an investor in Broadcom, have offered $70.00 per share in cash and stock, a 28 percent premium over the closing price of Qualcomm’s stock on Nov. 2.

Qualcomm’s stock was trading at $64.50 at midday Friday on the East Coast.

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.