Broadcom has filed and commenced mailing definitive proxy materials, including a BLUE proxy card, along with a letter to the stockholders of Qualcomm Incorporated related to Qualcomm's 2018 Annual Meeting of Stockholders, scheduled for March 6, 2018.
The company urges Qualcomm stockholders to elect the 11 nominees the company has already proposed for the Qualcomm Board of Directors. Broadcom's nominees will
stand for election at Qualcomm's 2018 Annual Meeting, which will be held on March 6, 2018. Broadcom also encourages Qualcomm's stockholders to make their voice heard today by voting an enclosed BLUE proxy card to elect all 11 director nominees put forth by Broadcom.
Hock Tan, President and Chief Executive Officer of Broadcom, stated, "Our proposal provides Qualcomm stockholders with substantial and immediate cash value, as well as the opportunity to participate in the upside potential of the combined company. Broadcom's track record of acquiring and integrating large, complex transactions and proven ability to execute on our financial and operational targets has created tremendous value for our stockholders. 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 so that Qualcomm stockholders can realize the compelling value of this transaction."
On November 6, 2017, Broadcom made a proposal to acquire Qualcomm for $70.00 per share in cash and stock. On November 13, 2017, Qualcomm's Board rejected Broadcom's proposal, sayig that it was undervaluing the company.
Broadcom did not raise its offer for Qualcomm. The company believes that the original $70.00 per share proposal for Qualcomm - consisting of $60.00 in cash and $10.00 in Broadcom stock - will provide Qualcomm's shareholders with "substantial and immediate cash value upon the closing of the proposed transaction, as well as the opportunity to participate in the upside potential of the combined company."
Broadcom's proposal stands whether Qualcomm's pending acquisition of NXP Semiconductors N.V. is consummated on the currently disclosed terms of $110 per NXP share or is terminated.