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Report: Broadcom to name Qualcomm board nominees in hostile bid

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Report: Broadcom to name Qualcomm board nominees in hostile bid

Chipmaking giant Broadcom Ltd. is set to unveil its slate of nominees to Qualcomm Inc.'s board ahead of a shareholders' meeting to be held on March 6, 2018, in a first move toward a hostile bid for the company, Reuters reported, citing sources familiar with the matter.

Broadcom's list is reportedly composed of nine men and two women, many of them experienced and well-known names in the tech sector.

The nominee list is expected to undergo stringent scrutiny as the nominees will have to decide whether to put Qualcomm up for sale and move ahead with a potential deal with Broadcom, according to the report.

Qualcomm has rejected Broadcom's unsolicited bid to buy all its outstanding shares for about $130 billion. Under the proposed cash-and-stock transaction, Broadcom would pay $70 per share to Qualcomm's shareholders.

Broadcom will reportedly not reveal any new offer for Qualcomm, despite earlier reports it is considering to hike its acquisition bid by offering more of its own stock. Qualcomm's top shareholders told Broadcom they expect at least $80 per share.