February 26, 2018 / 5:24 PM / 3 months ago

BRIEF-Broadcom Says Does Not Believe Current Process Outlined By Qualcomm Designed To Lead To Prompt Agreement

Feb 26 (Reuters) - Broadcom Ltd:

* SAYS “DOES NOT BELIEVE THAT THE PROCESS OUTLINED BY QUALCOMM TODAY IS DESIGNED TO LEAD TO A PROMPT AGREEMENT”

* SAYS CO URGES QUALCOMM STOCKHOLDERS TO VOTE BLUE CARD “FOR” ALL 6 BROADCOM NOMINEES TO SUPPORT CO’S PROPOSAL‍​

* SAYS QUALCOMM’S PROPOSED PROCESS IS AN “EFFORT TO DELAY” MARCH 6, 2018 ANNUAL MEETING​‍​ ‍​

* SAYS AT FEBRUARY 23 MEETING, QUALCOMM REFUSED TO CONFIRM THAT IT WILL HOLD ITS PREVIOUSLY SCHEDULED STOCKHOLDER VOTE ON MARCH 6‍​

* SAYS “WOULD BE HAPPY TO PROVIDE CONFIRMATORY REVERSE DUE DILIGENCE UPON AN AGREEMENT ON ALL MATERIAL TERMS, INCLUDING PRICE, AS IS CUSTOMARY”

* SAYS THERE IS “NO CAUSE TO DELAY” QUALCOMM ANNUAL MEETING

* SAYS WHILE CO REPEATEDLY ATTEMPTS “GENUINE ENGAGEMENT” WITH QUALCOMM, DEMONSTRATED FLEXIBILITY AT BOTH MEETINGS, “QUALCOMM HAS ONLY FEIGNED ENGAGEMENT”

* SAYS ITS PROPOSAL FOR QUALCOMM HAS NEVER BEEN CONDITIONED ON DUE DILIGENCE

* SAYS IT CONTINUES TO BE PREPARED TO MOVE FORWARD WITH QUALCOMM DEAL IMMEDIATELY WITHOUT DILIGENCE

* SAYS READY TO NEGOTIATE PROPOSAL FOR QUALCOMM ON “COMPREHENSIVE BASIS” ON TERMS REALISTIC FOR BOTH PARTIES & THEIR STOCKHOLDERS Further company coverage:

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