(Reuters) – Chipmaker Broadcom Ltd (AVGO.O) made its first formal move toward a hostile bid to take over Qualcomm Inc (QCOM.O) on Monday, laying out a slate of 11 nominees it wants to put on the board of the U.S. semiconductor firm.
Shares of both companies fell as Qualcomm confirmed receiving the list, saying Broadcom’s action was a “blatant attempt to seize control of the Qualcomm board in order to advance Broadcom’s acquisition agenda.”
Qualcomm last month rejected Broadcom’s $103 billion cash-and-stock bid, saying it dramatically undervalued the company, a line it repeated in Monday’s statement.
Shareholders will be able to vote for or against the Broadcom nominees at an annual meeting on March 6.
The list of nine men and two women included a former president of the mobile networks business group of Nokia…