As Venturebeat reports, by lowering the number of proposed nominees from 11 to six, Broadcom will still be able to gain a majority on the board and push a merger through, but the transition will be less jarring.
Qualcomm continues to rebuff Broadcom's advances, but is set for a Valentine's Day meeting, the first time it will have agreed even to discuss the fellow chipmaker's takeover bid, which was raised last week to £121bn. Broadcom originally wanted to wipe the slate clean and replace all 11 seats on the board, but this has since been revised, with Broadcom aiming to take over six spots on the board and thus, ensuring majority control.
A team of board members and senior management from Qualcomm met with their counterparts at Broadcom Wednesday to discuss the hostile takeover offer, but revealed little after the meeting.
Broadcom has stressed that its $82/share offer will be withdrawn unless its proposed nominees are accepted at the March meeting or Qualcomm agrees to its offer.
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Singapore-based Broadcom is mainly a manufacturer whose connectivity chips are used in products ranging from mobile phones to servers. San Diego-based Qualcomm primarily licenses its technology for the delivery of broadband and data, a business that would significantly benefit from the rollout of 5G wireless technology. The offer values Qualcomm at approximately $120 billion.
Qualcomm representatives reportedly "listened but did not engage", with Broadcom regarding its offer, according to a source familiar with the meeting. Apple and Qualcomm are now locked in a bitter legal dispute.
"Qualcomm stockholders have consistently communicated to us their support for our $82 per share cash and stock offer", noted Broadcom president and CEO Hock Tan, in a press release. Broadcom has promised to pay a breakup fee of $8 billion in the event regulators thwart the deal, as well as a "ticking" fee of 6 percent per year on the cash portion of the consideration if the deal takes more than 12 months to close.