Proxy advisory firm ISS says Qualcomm should negotiate sale to Broadcom

New York

US SEMICONDUCTOR company Qualcomm Inc should try to negotiate a sale to Broadcom Ltd following the latter's sweetened US$121 billion offer, proxy advisory firm Institutional Shareholder Services Inc (ISS) said.

Qualcomm has been seeking to walk a fine line between resisting Broadcom's acquisition approach, which it says undervalues it and is fraught with regulatory risks, and demonstrating to shareholders and proxy advisory firms such as ISS that it is willing to engage to secure a better deal if possible.