Deals
Broadcom Is on Course to Win Majority of Qualcomm Board Seats
- Qualcomm CEO Mollenkopf is said to get second-fewest votes
- CFIUS orders vote delay to review deal on security concerns
Why Qualcomm Delayed Its Shareholder Meeting
This article is for subscribers only.
Broadcom Ltd. is on course to win all six of the seats it’s seeking on Qualcomm Inc.’s board, giving it a majority to push forward with its hostile takeover even as a U.S. government panel forced a delay of the final tally amid concerns about the deal’s threats to national security.
Based on a count of more than half of the votes already cast, Broadcom would win a majority of Qualcomm’s board seats, according to information obtained by Bloomberg. If that result holds up when the final vote takes place, Broadcom would have a mandate to overturn Qualcomm management’s opposition to the $117 billion deal. Representatives for Broadcom and Qualcomm declined to comment.