Broadcom Ltd. said it notified Qualcomm Inc. that it plans to nominate 11 individuals for election to Qualcomm’s board of directors at the annual meeting, which currently consists of 11 directors. Broadcom said the proxy battle comes after Qualcomm has “ignored” repeated attempts to discuss its buyout bid, which would value Qualcomm at nearly $105 billion, and was rejected by Qualcomm last month. “In light of the significant value our proposal provides for Qualcomm stockholders, we believe Qualcomm stockholders would be better served by new independent, highly qualified nominees who are committed to maximizing value and acting in the best interests of Qualcomm stockholders,” said Broadcom Chief Executive Hock Tan. Qualcomm’s annual meeting is scheduled for March 6, 2018. Qualcomm’s stock fell 0.8% in premarket trade, while Broadcom shares climbed 0.9%. Year to date, shares of Qualcomm have tacked on 0.4%, Broadcom has rallied 54% and the S&P 500 has climbed 18%.
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