In December last year Broadcom announced 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.
However, Broadcom said today it will seek only six directors for Qualcomm Board of Directors, instead of 11 previously planned.
Broadcom, which owns the majority of Qualcomm's board of directors if Broadcom's six nominees are successful, said Broadcom CEO Hock Tan said Broadcom's move will ensure the continuity of Qualcomm's current board of directors and hope to win in the deal Qualcomm shareholders support.
Prior to Hock Tan also revealed that Hock Tan will cancel the plan to replace the current Board of Qualcomm, the new board member nominated by Broadcom replaced.
Broadcom also raised its offer price from $ 70 to $ 82 per share and made other concessions, including agreeing to pay Qualcomm $ 8 billion in 'break-up fees' when the transaction could not be completed due to antitrust pressure. People also added that Hock Tan may also decide at the last moment to change the terms drastically (adjust the purchase price).