“We believe Qualcomm’s experienced board is best qualified to evaluate all opportunities to maximize value for stockholders — whether through continued execution of our growth strategy or by selling the company,” the San Diego-based wireless pioneer said in a letter to shareholders.
“New directors would not change our openness to a transaction that makes sense for our stockholders, but would lower the overall quality of the board at a critical time for Qualcomm,” the company said.
Qualcomm told shareholders that Broadcom “made an inadequate proposal even worse” by cutting its hostile takeover offer Wednesday from $82 to $79 per share.
Nevertheless, Qualcomm said, “we remain open to continued discussions if a suitable proposal is presented.”
The company urged shareholders to re-elect all 11 Qualcomm directors at the upcoming March 6 annual meeting and throw out the blue voting cards sent by Broadcom in its proxy battle for control.
If the takeover succeeds, it would be the largest in the semiconductor industry at over $100 billion.
Qulacomm’s stock was trading in the $62.50 range on Thursday, down nearly $1.