Broadcom To Seek Election Of Six Nominees To Qualcomm Board - Quick Facts

(RTTNews) - Broadcom Limited (AVGO) said it will seek the election of six, rather than 11, nominees to the Qualcomm Inc. (QCOM) board of directors at Qualcomm's 2018 Annual Meeting scheduled to be held on March 6, 2018.

Broadcom noted that if elected, these six nominees would constitute a majority of Qualcomm's 11-person board.

According to Broadcom, electing a majority of new board members is the only way for Qualcomm stockholders to obtain the benefit of Broadcom's best and final offer for Qualcomm of $82 per share, which will be withdrawn following the determination of results at the 2018 Annual Meeting unless Broadcom has entered into a definitive agreement to acquire Qualcomm or Broadcom's six independent nominees are elected.

The six nominees are Samih Elhage, David Golden, Veronica Hagen, Julie Hill, John Kispert and Harry You.

Broadcom noted that by electing all of its nominees, Qualcomm stockholders will direct a simple majority of the board to transact with Broadcom on its proposal, while also ensuring that there is board continuity with the remaining five directors.

Broadcom urged Qualcomm stockholders to vote the revised BLUE proxy card for all six nominees today to preserve the benefit of Broadcom's best and final offer for Qualcomm of $82 per share. The company advised Qualcomm stockholders to not vote the white proxy card if they want to receive the benefit of Broadcom's proposal.