Broadcom presses on in takeover bid; proposes to replace Qualcomm's board of directors

SINGAPORE (Dec 5): Broadcom is now proposing to unseat the board of directors at rival company Qualcomm, after facing multiple rejections in its quest to take over the latter.

The Nasdaq-listed chipmaker on Monday announced its intention to nominate a slate of 11 “independent, highly-qualified individuals” to be elected on Qualcomm’s board of directors prior to the latter’s 2018 Annual Meeting to be held on March 6.

This will be done through a filing with the Securities and Exchange Commission on blue proxy card, said the group in its statement to investors.

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