Broadcom will seek the election of six, rather than 11, nominees to the Qualcomm board of directors at Qualcomm's 2018 Annual Meeting scheduled to be held on March 6, 2018.
The company hopes that the move would make it easier for Qualcomm's stockholders accept Broadcom's amended proposal to by Qualcomm.
If elected, these six nominees would constitute a majority of Qualcomm's 11-person board.
"Electing a majority of new board members is the only way for Qualcomm stockholders to obtain the benefit of Broadcom's best and final offer for Qualcomm of $82 per share, which will be withdrawn following the determination of results at the 2018 Annual Meeting unless Broadcom has entered into a definitive agreement to acquire Qualcomm or Broadcom's six independent nominees are elected," Broadcom said.
Broadcom will file with the Securities and Exchange Commission a supplement to its proxy statement, accompanied by a revised BLUE proxy card on which Qualcomm stockholders can vote to elect Broadcom's six director nominees. Broadcom urges Qualcomm stockholders to vote the revised BLUE proxy card for all six nominees today.
Qualcomm has rejected Broadcom's latest take over proposal, insisting that it remains low.