Qualcomm opposes Broadcom's board nominee slate

Washington

QUALCOMM Inc's board is opposing the nomination of 11 new directors by Broadcom Ltd as part of its US$105 billion hostile offer for the chipmaker.

Broadcom's nominees are inherently biased in favour of the bid, which undervalues Qualcomm and wouldn't bring the skills needed to run the company during a lengthy regulatory approval process, the San Diego, California-based chipmaker said in a statement on Friday.