In mid-November, chipmaker Qualcomm announced they were rejecting a $130 Billion takeover bid from Broadcom. At the time, Broadcom indicated they were not planning to just walk away from the takeover attempt leading many to expect some aggressive moves may surface. We now see the fruits of that as Broadcom is moving to appeal directly to shareholders to replace the current Qualcomm board of directors with members who would agree to the merger.
Qualcomm has responded with a statement highly critical of Broadcom and the attempted takeover. Besides castigating Broadcom for such a “blatant attempt to seize control” of the company, Qualcomm points out that Broadcom has not addressed basic issues like regulatory concerns, moving headquarters from Singapore to the U.S., or even how they think they will finance a deal in excess of $100 Billion.
In terms of timing, Broadcom has until March 6th of 2018 when Qualcomm’s shareholder meeting will be held at which time board members will be elected. Later this week, on December 6th, Broadcom will hold a quarterly earnings call and we anticipate more information may be shared at that time regarding the attempted takeover of Qualcomm.
source: The Verge