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Broadcom names nominees for Qualcomm board

Broadcom Ltd. will nominate 11 independent individuals for election to Qualcomm Inc.'s board at the 2018 annual meeting of stockholders in a widely expected move seen as a first step toward a hostile takeover.

The director nominees are Samih Elhage, Raul Fernandez, Michael Geltzeiler, Stephen Girsky, David Golden, Veronica Hagen, Julie Hill, John Kispert, Gregorio Reyes, Thomas Volpe and Harry You, the company said Dec. 4.

Broadcom on Nov. 6 proposed to acquire all of the outstanding shares of Qualcomm for $70 per share in cash and stock, consisting of $60 in cash and $10 in Broadcom shares. Broadcom said its proposal stands whether Qualcomm's pending acquisition of NXP Semiconductors NV is consummated on the currently disclosed terms of $110 per NXP share or is terminated.

On Nov. 13, Qualcomm's board unanimously rejected the unsolicited proposal by Broadcom to buy the multinational semiconductor and telecom equipment giant.

Moelis & Co. LLC, Citi, Deutsche Bank, J.P. Morgan, Bank of America Merrill Lynch, Morgan Stanley and Wells Fargo Securities are acting as financial advisers to Broadcom. Wachtell Lipton Rosen & Katz and Latham & Watkins LLP are acting as legal counsel.