Broadcom plans to nominate 11 members to Qualcomm's board

[December 04, 2017]  (Reuters) - Chipmaker Broadcom Ltd said on Monday it planned to nominate a slate of 11 independent members to the board of U.S. semiconductor firm Qualcomm Inc.

Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo

Broadcom's move comes after Qualcomm rejected its $103 billion cash-and-stock bid last month.

Reuters reported on Sunday that Broadcom would take its first formal step on Monday toward a hostile bid to take over Qualcomm by unveiling a plan to nominate board members, according to people familiar with the matter.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Martina D'Couto)

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