"The Qualcomm board will promptly meet to discuss the meeting and to determine next steps." The meeting comes with Broadcom stepping up pressure on its US rival to accept a takeover bid which would be the largest-ever in the technology sector. Broadcom announced on Friday that it would pay Qualcomm $8 billion if regulators fail to approve the planned tie-up. Broadcom this week modified its proposal for a slate of Qualcomm board members, calling for six new members -- who would presumably look favorably on the hostile bid -- instead of an entire new board of 11 members. Any merger deal would need to pass muster with regulators in the United States and other markets.

Source: The Nation Bangkok February 15, 2018 00:00 UTC