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ISS reiterates support for four Broadcom nominees to Qualcomm board

Feb. 23, 2018 12:14 PM ETQUALCOMM Incorporated (QCOM) StockQCOM, AVGOBy: Jason Aycock, SA News Editor233 Comments
  • Amid machinations in the hostile pursuit of Qualcomm (QCOM +0.8%) by Broadcom (AVGO +1.5%) -- including Qualcomm boosting its offer for NXP Semiconductors, and Broadcom correspondingly cutting its bid for Qualcomm -- influential proxy adviser Institutional Shareholder Services is sticking with its backing of part of Broadcom's slate for Qualcomm.
  • ISS is reiterating its support for four of the six dissident nominees to the Qualcomm board (still short of a majority), in hopes that a deal can be reached that benefits everyone.
  • Electing four members is a way of "maintaining pressure, on both sides, to reach a beneficial outcome for shareholders."
  • Qualcomm may get better leverage with Broadcom with an ability to close on NXP, and considering the strategic value, it doesn't look like Qualcomm is overpaying with its $127.50/share offer, the firm says.
  • Source: Bloomberg
  • Previously: Qualcomm sends shareholder letter about Broadcom and NXP (Feb. 22 2018)
  • Previously: Qualcomm: Broadcom offer 'even worse' despite certainty around NXP deal (Feb. 21 2018)

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