The corporate raider-turned-activist is worried about over-leveraged ETFs and a massive transfer of capital to index funds.
The hostile suitor said that unless it has a deal in hand or shareholders approve Broadcom's slate of directors, it would withdraw its bid after Qualcomm's March 6 shareholder vote.
A dispute with Apple and trends in China's smart phone market are weighing down Qualcomm's expectations for the second quarter. The timing could be better, as Broadcom is waging a hostile takeover offer and Elliott Management contests Qualcomm's bid for NXP.
With a director nomination deadline approaching fast, an auction process and sale to Conagra or director-election proxy war could be next.
The technology giant may be moving to liquidate its position. Shares are likely shifting into hedge fund hands, which is a positive for Jeff Smith's total boardroom takeover effort.
Jeff Smith's fund is one of only a small group of activist investors who have succeeded at taking over the entire boards of targeted companies.
The Deal sits down with Madison International Realty's Ronald Dickerman to discuss the changing face of retail and the company's recent $1 billion-plus acquisition of real estate surrounding Brooklyn's Atlantic Center.
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