Broadcom now says it only needs to elect six new members, not 11, to Qualcomm's board in its bid to take over the company, as the companies reportedly plan to meet to discuss the $121 billion unsolicited takeover bid this Valentine's day.
Broadcom Corp. (Nasdaq: BRCM) said Tuesday that it will now try to elect six candidates to Qualcomm Inc. (Nasdaq: QCOM)'s board. "By electing all of the Broadcom nominees, Qualcomm stockholders will direct a simple majority of the board to transact with Broadcom on its highly compelling proposal, while also ensuring that there is board continuity with the remaining five directors," the company said in a statement.
Broadcom upped its bid for Qualcomm from $105 billion to $121 billion earlier this month. Broadcom is also now offering an $8 billion termination fee if the deal is blocked by regulators. (See Qualcomm Rejects Latest Broadcom Bid.)
— Dan Jones, Mobile Editor, Light Reading