Last month Qualcomm rejected a $70 per share acquisition offer from Broadcom — but the rival chipmaker isn’t stepping away.
Today it’s announced it’s nominated a slate of eleven directors for Qualcomm’s board.
The move puts pressure on Qualcomm’s board to engage with Broadcom’s approach by paving the way for its own shareholders to vote for a takeover which the board already rebuffed.
Qualcomm is due to hold an annual meeting of stockholders on March 6, 2018.
Broadcom says its earlier acquisition offer represents a 28% premium over the closing price of Qualcomm’s common stock on November 2, 2017, aka the last unaffected trading day prior to media speculation regarding a potential transaction; and a premium of 33% to Qualcomm’s unaffected 30-day volume-weighted average price.
But Qualcomm’s board continue to argue the offer “dramatically” undervalues the company.