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Qualcomm is being challenged on all sides

Qualcomm CEO Steven Mollenkopf. Photo: Isaac Brekken / AP

Broadcom on Monday took the next step in its hostile takeover attempt for rival chipmaker Qualcomm, filing preliminary proxy materials in relation to a slate of 11 people it would like elected to Qualcomm's board of directors.

Qualcomm also could be facing troubles on the buy-side, as Elliott Management is now saying that NXP Semiconductors is worth $135 per share, compared to the $110 per share that Qualcomm agreed to pay over a year ago (the deal is still pending regulatory approvals). Remember that Broadcom's takeover offer for Qualcomm is not contingent on the NXP transaction closing, and Broadcom reiterated that position this morning.

  • Over half of Broadcom's proposed directors appear have at least some historical connection to private equity firm Silver Lake, which is backing Broadcom's takeover efforts. Some are former colleagues of current Silver Lake partners, some are former execs at Silver Lake portfolio companies and one is a consultant with a major limited partner in Silver Lake funds.
  • March 6 is when Qualcomm plans to hold its annual shareholder meeting.