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Qualcomm board rejects Broadcom director nominees

Qualcomm Inc.'s board rejected the 11 director candidates nominated by Broadcom Ltd. and Silver Lake Partners at Qualcomm's 2018 annual meeting of stockholders.

After reviewing the nominees, the board's governance committee concluded that the candidates are "inherently conflicted" and would not bring incremental skills or expertise to the Qualcomm board, the company said Dec. 22.

Qualcomm's board is nominating its 11 incumbent directors for re-election at the 2018 annual meeting. The nominated directors are Barbara Alexander, Jeffrey Henderson, Thomas Horton, Paul Jacobs, Ann Livermore, Harish Manwani, Mark McLaughlin, Steve Mollenkopf, Clark Randt, Jr., Francisco Ros and Anthony Vinciquerra.

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.