Broadcom Goes After Qualcomm's Board As Part Of Takeover Bid
04 December, 2017, 20:34
Broadcom said on December 4 that it plans to propose 11 directors for the board of Qualcomm, the rival chipmaker it offered to acquire for roughly $105 billion in cash and stock. Effectively, Broadcom is seeking to bypass the current company leadership and go directly to investors with its takeover bid by asking them to appoint directors who would support the offer.
Broadcom, which is based in Singapore but has announced plans to return to the United States, last month offered to pay $70 per share for Qualcomm in a deal that values the San Diego-based chipmaker at $130 billion including $25 billion in net debt. Since 2010, 57 per cent of global hostile takeover approaches have failed, according to Dealogic.
The move sets the stage for a showdown over the future of San Diego's largest tech company - one of only two Fortune 500 firms headquartered locally. It wasn't enough to impress the board members at Qualcomm, who said it undervalued the company.
In a press release, Broadcom noted that it would support a decision by the proposed 11 new directors to increase the size of Qualcomm's board and reappoint three current directors "to ensure continuity".
Tom Horton, Qualcomm's presiding director, said no company is better positioned than Qualcomm to bring mobile technologies to these industries. Broadcom chief executive Hock Tan said in a statement that "it remains our strong preference to engage in a constructive dialogue with Qualcomm". However, Qualcomm argues that Broadcom is being opportunistic and seeks to exploit the recent drop in its stock price to pull off an acquisition on the cheap at shareholders' expense. Qualcomm has been in a protracted legal fight with a major customer, Apple, over a number of issues and has been struggling to close its $39bn takeover of rival NXP Semiconductors. It also believes that it already stands in a position to benefit significantly from the introduction of 5G, a wireless standard that will connect a much wider range of devices. Under Broadcom's proposal, Qualcomm stockholders would receive per share and it will consist of $60.00 in cash and $10.00 per share in Broadcom shares.
The proposal was widely seen as a tactic to pressure Qualcomm to negotiate what would be the largest technology deal in history.
Investigators had yesterday sent a notice to the hospital to join the probe and share documents and the CCTV footage. A medical negligence case has been registered under section 308 of Indian Penal Code (IPC) against the hospital.
Cleveland Cavaliers guard Derrick Rose is back in Cleveland and ready to rejoin the team, according to an ESPN report . When Rose is healthy enough to play again, Cleveland is going to be in a position where it may have to make a choice.
The emergence of bitcoin futures could make it easier for both Wall Street banks and small investors to trade bitcoin. Bitcoin has gained more mainstream attention lately as its price has soared on the private exchanges.
In response to the guidance, Barclays Bank said it has stopped offering Kaspersky anti-virus products to customers. AU Editor's note: Kaspersky Lab reached out to Gizmodo Australia this morning with the following statement .
After the game, Gronk apologized and explained his frustration on inconsistent calls against him throughout his career. Bills coach Sean McDermott said, "I just don't think there's any place in the game for that".
Staff at Kirkcaldy's branch of Toys R Us were today told that their store will be one of the 26 marked for closure across the UK. Warehouse stores "are too big and expensive to run in the current retail environment", UK MD Steve Knights said in the statement.
The box-office smash " Wonder Woman " was hailed as a meaningful step forward for the representation of women in media. According to Fox News, "Many of the names listed on the shortlist have been surrounded by controversy this year".
A security personnel was martyred and two terrorists were neutralised on Monday in an encounter in Jammu and Kashmir's Qazigund . An official identified the slain as Sepoy Jitender Singh who was hurt in militant attack on army patrol.
On Monday, the United States derivatives regulator has allowed CME Group and the CBOE Global Markets to list Bitcoin futures. However, the parties have reached an agreement, with Zuckerberg reportedly paying some $65 million to the Winklevoss twins.
American women killed by shark while diving in Costa Rica
The Costa Rican newspaper La Nacion reported that the guide tried to scare the sharks away when it approached the group. Last month, a swimmer was attacked and killed by a shark just about 10 feet from the beach in Cuba, The Sun reported.
Co-op to sell food past its best before date for 10p
Will they continue to eat by the rules? Last year the government found that £16 billion worth of food was being wasted every year. He added: 'This is not a money-making exercise, but a sensible move to reduce food waste and keep edible food in the food chain.
Fox In Talks With Disney
Representatives for Disney and Fox did not immediately respond to TheWrap's requests for comment. Fox's flagship TV network would not be included in any deal, nor would Fox News and Fox Sports.
India team for South Africa tour announced
The team will leave for South Africa on December 27. "This is the best balanced side, I am sure this team will really do well". For Tests, the core of the team is more or less settled, with three openers and the in-form middle-order selecting themselves.
Yes, Vishal Is One Of The Contestant Of RK Nagar ByPoll!
Vishal has stated that he has no big plans in politics and wants to be the voice of the people in RK Nagar constituency. It looks like Vishal has to take the final decision before foraying into politics and contest the elections.
Portland Metro Saturday Weather: Rain, it is inevitable
Friday will be mostly cloudy, with a high in the upper 30s and a Friday-night low in the mid 20s, the weather service said. The likelihood of snow will increase in the evening and night as temperatures fall between -2 and +1 degrees.