"In addition, they 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", he added.
Wall Street reaction to the latest in the Broadcom-Qualcomm saga was muted Tuesday, with Broadcom shares rising 0.6 percent to end the day at $245.86, and Qualcomm edging up just 0.1 percent to close at $65.70 a share. That outcome would nearly certainly lead to settlement of the litigation with Apple and other clients and antitrust bodies, but at the expense of Qualcomm's...
Separately on Friday, Qualcomm said it extended the cash tender offer to buy NXP Semiconductors NV by two weeks to February 23. Though Broadcom and Qualcomm posted similar sales this year, Tan employs 17,000 global workers, compared with Qualcomm's 33,000 employees worldwide, including roughly 13,000 in San Diego. The debt financing would fully fund the cash portion of the deal. Apple and Qualcomm are now locked in a bitter legal dispute.
Broadcom had said earlier that its revised offer was contingent on either Qualcomm buying NXP at now disclosed terms of $110 per share in cash or the $38 billion deal being terminated. But the $8 billionBroadcom is offering as a so-called reverse breakup fee probably isn't enough. If regulators eventually blocked the deal, Qualcomm contends its business would have been irreparably harmed in the interim. "And at the moment, there is no "next" step", Qualcomm said. But the deal is off if Qualcomm pays more for NXP.
At the same time, a campaign to unseat some of Qualcomm's directors - rather than the company's entire board - could be more palatable to proxy advisory firms like Institutional Shareholder Services and Glass Lewis, whose voting recommendations can carry significant weight with investors. That meeting is expected Tuesday or Wednesday.
Tan reiterated that he will withdraw the $82 per share offer if the companies fail to reach a merger agreement by March 6, or if his six candidates are not elected by Qualcomm shareholders.
Nonetheless, Broadcom is now working on a hostile takeover that would circumvent Qualcomm's board and make its way directly towards the company's shareholders for approval via a vote in March 2018.