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Qualcomm on Tuesday urged its stockholders to support its incumbent board members amid a takeover bid from rival Broadcom.

The San Diego chip maker said its current strategy will generate both near-term and long-term value for investors and set an earnings goal of $6.75 to $7.50 per share in fiscal year 2019 — well ahead of analysts' expectations.

"Qualcomm has significant business momentum and the right strategy to create both near-term and long-term stockholder value — far greater value than Broadcom's dramatically undervalued proposal," company officials wrote in a letter to stockholders.

Broadcom made an unsolicited bid for Qualcomm in November that was rejected as too low. Although reports indicated that shareholders could be interested at a higher price, Broadcom first floated its own slate of candidates for Qualcomm's board.

"Broadcom's track record of acquiring and integrating large, complex transactions and proven ability to execute on our financial and operational targets has created tremendous value for our stockholders," President and CEO Hock Tan said earlier this month.

Qualcomm promptly voiced its opposition to those 11 candidates and this week argued that the company's leadership in 5G technologies — along with cost reductions, a strong equipment business, its acquisition of NXP and the resolution of ongoing licensing disputes — should lead shareholders to support the current board.

"We urge you to block Broadcom’s attempt to capture, for itself, the value that rightly belongs to you as a Qualcomm stockholder," the company wrote.

The company's annual shareholder meeting is scheduled for March 6.

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