SAN FRANCISCO, Dec 22 (Bernama) - Qualcomm Inc. announced today that the board of directors of the company unanimously decided at the annual general meeting of shareholders held on March 6, 2018 that Broadcom will not be appointed upon the recommendation of the Corporate Governance Committee, Any one of the 11 nominee candidate for the board of directors.
Qualcomm also filed a preliminary proxy statement today with the Securities and Exchange Commission (SEC), which said that after careful assessment of Broadcom's nominee of 11 directors, the Corporate Governance Committee considered the nominations to be in conflict with each other Will not bring additional skills or expertise to Qualcomm's Board of Directors At the annual shareholders' meeting in March next year, the current 11 directors of QUALCOMM's board of directors will once again stand for election, they are:
Barbara T. Alexander, Jeffrey W. Henderson, Thomas W. Horton, Paul E. Jacobs, Ann M. Livermore, Harish Manwani, Mark D. McLaughlin, Steve Mollenkopf, Clark T. Randt, Francisco Ros, and Anthony J. 'Tony Vinciquerra.
Nov. 6 this year, Broadcom proposed 70 US dollars per share in cash and stock acquisition Qualcomm, the total transaction value of about 130 billion US dollars if the transaction is completed, the semiconductor industry will become the largest mergers and acquisitions ever.
On November 13, Qualcomm announced that the company's board of directors has rejected the offer made by Broadcom on November 6. Qualcomm executive chairman Paul Jacobs said: "The board of directors agreed that Broadcom's offer was underestimated Qualcomm's value. '
Broadcom announced on December 4 that it has nominated 11 directors to replace all members of Qualcomm's board of directors, a move that Broadcom has taken the first step in a hostile takeover of Qualcomm Inc. Broadcom's nominated 11 board candidates are:
Samih Elhage, former president of Nokia Mobile Networks Group (MNBG); Raul J. Fernandez, vice chairman of Monumental Sports & Entertainment; Temasek Holdings advisor Michael Michael S. Geltzeiler, former vice chairman of General Motors Stephen Girsky, former JP Morgan chief David G. Golden and former president and CEO of Polymer Group Veronica M. Hagen
Julie A. Hill, owner of The Hill Company; John H. Kispert, managing partner of venture capital firm Black Diamond Ventures; former director of Dialog Semiconductor Corp. Gregorio Reyes, former CEO of Dubai Group Investments, Thomas S. Volpe and president and CEO of GTY Technology Holdings Technology Holdings, Harry L You.
Qualcomm CEO Steve Mollenkopf said earlier: "Qualcomm is in a better position than any other business in the areas of mobility, the Internet, automotive, Edge computing and networking, and we believe that, We can create more additional value for shareholders. '