WASHINGTON (AFP) – Singapore-based computer chip maker Broadcom stepped up its battle for rival Qualcomm on Monday, proposing a new slate of board members for the US firm to back a $130 billion hostile bid.
Broadcom, which has signalled its plan to reincorporate in the United States, said the effort to replace the Qualcomm board members is aimed at boosting support for its bid to create a semiconductor firm that dominates in the growing field of mobile technology. The move comes weeks after Qualcomm rejected the unsolicited offer and reaffirmed plans to stay independent.
A Broadcom statement said it would nominate 11 new Qualcomm board members and “propose certain other matters” for consideration at the March 6 annual shareholders meeting.
If successful, a new board of directors at Qualcomm could oust management which has opposed the tie-up.