“We met with representatives of Broadcom for two hours earlier today, and listened carefully to what they had to say. The Qualcomm board will promptly meet to discuss the meeting and to determine next steps,” the company said in a statement.
Singapore- and San Jose-based Broadcom is waging a proxy battle for control of the San Diego wireless pioneer, offering $82 per share for a stock that closed Wednesday at $66.59. The offer values Qualcomm at approximately $120 billion.
Qualcomm participants in Wednesday’s meeting were Board Chair Paul E. Jacobs, Presiding Director Tom Horton, Chief Executive Officer Steve Mollenkopf, President Cristiano Amon, Chief Financial Officer George Davis, and General Counsel Don Rosenberg.
The company’s board has twice rejected Broadcom’s offers, but agreed to meet after the last rejection, with Jacobs asking in the rejection letter if Broadcom was willing to pay a higher price.
Broadcom did not issue a statement after the meeting.
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