CNBC: Broadcom sees Qualcomm meeting as 'waste of time'

|About: Broadcom Limited (AVGO)|By:, SA News Editor

After Qualcomm's (QCOM -0.3%) latest rebuff to overtures from Broadcom (AVGO -0.9%), CNBC's David Faber says that Broadcom's stance on Wednesday's meeting was that it was a "waste of time" -- a "non-substantive discussion" that portended a likely proxy vote as an endgame.

Faber characterized the Qualcomm rhetoric as appearing to be "theater for ISS" (influential proxy adviser Institutional Shareholder Services). "ISS likes to tell you, we'd like to see that you engaged," Faber says. "You could make the argument now that Qualcomm will say 'Hey, we tried, we did engage.' "

But he does say that if Broadcom were to go to $88/share, "close to hell or high water," it would be hard for Qualcomm to say no -- though Broadcom's not willing to go there, at least yet.

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