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Mobile/Wireless Components

Proxy Firm Wants Qualcomm to Continue Talks With Broadcom

Qualcomm is being urged to continue talking with Broadcom, following an initial meeting between the two companies last week, even though Qualcomm has rejected Broadcom's revised $121 billion bid already.

Reuters reports that proxy advisory firm ISS suggests that Qualcomm should consider the revised Broadcom bid as a "starting point" for further negotiation. Broadcom has previously stated the $82-per-share bid is its "best and final offer." (See Broadcom Raises Offer for Qualcomm to $121B.)

ISS is recommending to Qualcomm shareholders that they vote for four of the six board members that Broadcom has put forward for election at Qualcomm's shareholder meeting on March 6. Broadcom said earlier in February that it believes it only needs to elect six board members, not 11, to gain control of the Qualcomm board. (See Broadcom Keeps the Pressure On in Qualcomm Bid.)

The vote to decide the future of Qualcomm will take place in two weeks' time.

— Dan Jones, Mobile Editor, Light Reading

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