Broadcom escalates Qualcomm takeover fight, proposes to replace the entire board

Broadcom Limited - AVGO - Stock Price Today - Zacks

Broadcom Limited - AVGO - Stock Price Today - Zacks

Shareholders of Qualcomm will vote for or against the Broadcom nominees at the company's annual meeting on 6 March.

Qualcomm confirmed it had received the nomination of a slate of candidates, calling it a "blatant attempt to seize control of the Qualcomm board in order to advance Broadcom's acquisition agenda".

Broadcom had offered to pay $60 per share in cash and $10 per share of its own stock, a 28-per cent premium over the closing price of Qualcomm's common stock on 2 November, the last unaffected trading day prior to media speculation regarding a potential transaction.

Broadcom is back at it a second to take over rival Qualcomm.

"Qualcomm's stockholders expect a board that will support this innovation while evaluating objectively the full range of opportunities available to maximize value for all Qualcomm stockholders", said Horton in a statement. "If they want to keep the company they better get cracking on a case as to why shareholders should trust in them instead of Hock, as we are not convinced Qualcomm shareholders necessarily believe that the Broadcom offer undervalues Qualcomm quite as much as Qualcomm management might believe".

House of Cards' Final Season Moving Forward Without Kevin Spacey
Robin Wright will star in the concluding season, and the drama series will resume its production in early 2018, Sarandos stated. Sarandos says production will not continue until next year, probably to get scripts finalised.

Qualcomm's entire Board of Directors is now up for re-election, something that Broadcom is attempting to take advantage of in order to force through its desired acquisition, having had a $103bn takeover bid rejected by Qualcomm less than a month ago.

Tan said Broadcom had received "positive feedback from customers" about the proposed merger and was confident that regulatory requirements could be made.

Broadcom has indicated it is willing to acquire Qualcomm irrespective of whether it closes the NXP deal. Qualcomm also expressed concerns over regulatory uncertainties and a lack of security in financing on Broadcom's side.

Broadcom's $103 billion bid for fellow chipmaker Qualcomm is not only unsolicited, it is now hostile.

Qualcomm is exceptionally well positioned - with technology and leadership positions across mobile, IoT, Automotive, edge computing and networking - and leading the transition to 5G.

The Twenty-First Century Fox (FOX) Earns Media Impact Score of 0.21
Topeka Capital Markets maintained it with "Hold" rating and $34 target in Thursday, August 6 report. It dropped, as 42 investors sold Twenty-First Century Fox, Inc . shares while 120 reduced holdings.

Chief executive Steve Mollenkopf added that Qualcomm's achievements to date have offered significant value to stockholders.

However, Qualcomm needs to decide if it's open to accept Broadcom's offer. Oppenheimer raised their price target on shares of Broadcom from $275.00 to $300.00 and gave the stock an "outperform" rating in a research note on Monday.

"The combination of the two companies could generate strong synergies and create a dominant wireless business and overall powerful global semiconductor leader", said Mike Walkley, an analyst at Canaccord Genuity told Bloomberg, which broke the story.

In its own statement, Broadcom said its proposal represented a 28 percent premium over the closing price of Qualcomm's common stock on November 2.

Apple agrees to cough up for $15 billion Irish tax bill
The unfair advantage resulted in Apple avoiding as much as 13 billion euros in payments over the course of more than a decade. It's understood that Apple will start paying the €13 billion in back taxes into an escrow account in first quarter of 2018.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.