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Qualcomm directors win re-election after Broadcom bid ends

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Qualcomm directors win re-election after Broadcom bid ends

Shareholders of chipmaker QUALCOMM Inc. re-elected the company's 10 directors, after rival Broadcom Ltd.'s $117 billion bid for the company was blocked by U.S. President Donald Trump on national security grounds.

The support, however, was lukewarm, with some directors receiving more than 50% of shareholder votes while other totals were in the 40% range, Reuters reported, citing a source familiar with the preliminary results.

As part of its bid to buy Qualcomm, Broadcom was running a dissident slate of six directors, a move that Trump's action rendered moot.

Nevertheless, proxy advisory company ISS said that investors could still vote for the dissidents, or withhold their votes from incumbent directors, as a way of signaling to management their concerns about their approach to the Broadcom offer.

A Qualcomm spokeswoman declined to comment specifically on the report, referring to the company's statement that all directors had been re-elected.