Broadcom turned its $130bn takeover offer for Qualcomm into a full-blown hostile bid yesterday after it proposed ousting the entire board of its rival chipmaker in an effort to win the biggest technology deal in history.
The Singapore-based group presented 11 directors to replace the entire board of the world’s largest maker of smartphone chips, putting in motion what is likely to be a heated proxy fight.
Broadcom’s move comes after the Qualcomm board rejected its $70-a-share offer — of which $60 is in cash — because it undervalued its business
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