Broadcom Ltd. said Tuesday that it would seek to elect six members to Qualcomm Inc.’s board, rather than the 11 members it had originally planned. Broadcom has made an $82/share hostile bid for Qualcomm. If Broadcom’s slate were to be elected, the company said it would have a majority on the Qualcomm board. Qualcomm investors “have welcomed our willingness to provide for appropriate continuity on the Qualcomm board, and have also expressed a desire for a definitive mechanism of achieving such continuity,” Broadcom CEO Hock Tan said in a release. “Reducing the number of nominees we are seeking to a simple majority provides precisely that mechanism.” Qualcomm’s annual meeting is scheduled for March 6. Broadcom shares are up 18% over the past 12 months, while Qualcomm shares are up 20%. The S&P 500 Index has gained 14% in that time, while the Philadelphia Semiconductor Index is up 32%.
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