“By voting for Broadcom’s 11 independent director nominees, Qualcomm stockholders can send a clear message to the Qualcomm board that they should immediately engage in constructive discussions with us regarding our premium offer,” said Hock Tan, president and CEO of Broadcom.
Broadcom’s offer of $60 in cash and $10 in Broadcom stock for each share of the San Diego-based wireless pioneer was unanimously rejected by Qualcomm’s board, prompting a proxy battle.
Voting for directors is scheduled at Qualcomm’s annual stockholdersholders meeting on March 6.
Shareholders will receive a blue-colored proxy from Broadcom, and on it the company advises, “Stockholders are urged NOT to sign or return any white proxy card received from Qualcomm and are strongly encouraged to discard the white proxy card.”
Qualcomm’s stock was down nearly 1 percent at $65.85 in after-hours trading following the Broadcom announcement.
Broadcom is incorporated in Singapore, but announced it will move its headquarters to San Jose just days prior to making the unsolicited bid for Qualcomm.