Broadcom responds to Qualcomm

In a response to a letter letter sent on behalf of the Qualcomm board of directors, Boradcom states that it has and will always welcome genuine engagement with Qualcomm. In the same statement the company calls Qualcomm’s process disingenuous and urges the company’s stockholders to vote blue card for all six Broadcom nominees to support Boradcom’s proposal. “Broadcom believes Qualcomm's sudden request to enter into an NDA is a result of Qualcomm finally beginning to recognise the will of its stockholders. While Broadcom repeatedly attempts genuine engagement with Qualcomm, including having proposed constructive solutions to Qualcomm's concerns and having demonstrated flexibility at meetings on both February 14 and February 23, Qualcomm has only feigned engagement,” the company writes in a press release. Broadcom's proposal has never been conditioned on due diligence and the company continues to be prepared to move forward immediately, without diligence. Broadcom says that it stands ready to negotiate its proposal on a comprehensive basis on terms that are realistic for both parties and their respective stockholders, but has not yet found a counterparty prepared to do the same. “If the current Qualcomm board remains unwilling to genuinely engage – and continues with "engagement theater" on this basis – Broadcom looks forward to negotiating in good faith with the newly-elected Qualcomm board following the Qualcomm annual meeting on March 6,” the press release reads.