Broadcom Ltd cut the number of board seats it was trying to win at Qualcomm Inc to six from 11 on Tuesday, saying this would let Qualcomm shareholders push the U.S. chip maker toward a sale while ensuring continuity. The move came following Singapore-based Broadcom’s meeting with proxy advisory firm ISS on Monday and concern from some Qualcomm shareholders that replacing the company’s entire 11-member board could create uncertainty during the time it would take to complete a combination of the two companies. The move on board seats comes a day ahead of planned talks between the semiconductor companies to discuss Broadcom’s $121 billion cash-and-stock acquisition offer, which will be their first such discussion.
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November 27, 2017