It has been announced that Broadcom Limited (NASDAQ:AVGO) has officially filed its preliminary proxy materials connected to Qualcomm’s annual meeting that will take place on March 6. The Singapore-based company is actively looking to elect 11 independent directors to the board.
According to Qualcomm (NASDAQ:QCOM) however, this is Broadcom’s “blatant attempt to seize control of the Qualcomm Board in order to advance Broadcom’s acquisition agenda.”
Here’s what Broadcom CEO Hock Tan had to say about the matter:
“We are seeking the election of the 11 independent, highly qualified nominees to the Qualcomm board because we believe that Qualcomm stockholders would be better served by these candidates than the current directors of Qualcomm who have refused to engage with us on a compelling, value-enhancing opportunity for Qualcomm stockholders.”
Hock went on to explain that if 11 independent directors were elected it would wholeheartedly support their decision to expand the board by three members and reappoint Jeffrey Henderson, Mark McLaughlin, and Anthony Vinciquerra.
Additionally, Broadcom also disclosed filing a premerger Hart-Scott-Rodino notification with both the FTC and the Justice Department Antitrust Division on the deal.
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