Broadcom Now Seeking Fewer of Qualcomm’s Board Seats<br />Broadcom moved the goal posts in its hostile takeover bid for Qualcomm, announcing on Tuesday<br />that it was now seeking only a majority of the chip maker’s board seats in next month’s shareholder vote and raising questions about the future of the deal.<br />The chip company last week rejected Broadcom’s latest takeover bid, valued at about $121 billion, arguing<br />that it was still too low and that it offered insufficient commitments in case regulators moved to block a union on antitrust grounds.<br />Broadcom’s chief executive, Hock Tan, said in a statement on Tuesday<br />that reducing the number of director seats that his company was seeking would help provide some “continuity” for Qualcomm’s board<br />Putting the two companies together would create one of the world’s biggest chip<br />makers, whose products would be in a majority of the world’s smartphones.<br />Broadcom said that it would now pursue the election of six nominees it had put forward, rather than the full 11 it had originally named.
