Broadcom officially launched a hostile takeover bid for Qualcomm on Monday, nominating 11 alternative candidates to Qualcomm’s board of directors. The move sets the stage for a showdown over the future of San Diego’s largest tech company — one of only two Fortune 500 firms headquartered locally. Shareholders will vote to support either Qualcomm’s or Broadcom’s board candidates, with the results expected to be announced at Qualcomm’s annual meeting March 6. Broadcom did not raise the $70 per share offer price on Monday — which valued Qualcomm at $103 billion. Qualcomm’s board previously rejected that amount as too low. But Broadcom could still boost its offer before the March 6 annual meeting, making it more attractive to Qualcomm’s shareholders. Qualcomm said Monday that the Broadcom offer undervalues Qualcomm’s growth prospects in the Internet of Things, 5G, automotive and data center networking markets.. Tom Horton, Qualcomm’s presiding director, said no company is better positioned than Qualcomm to bring mobile technologies to these industries. “Qualcomm’s stockholders expect a board that will support this innovation while evaluating objectively the full range of opportunities available to maximize value for all Qualcomm stockholders,” said Horton in a statement. Broadcom Chief Executive Hock Tan said Qualcomm’s shareholders want the two companies to talk about the acquisition proposal, but so far Qualcomm has ignored Tan’s attempts to begin a dialogue. “The nominations give Qualcomm stockholders an opportunity to express their disappointment with Qualcomm’s directors and their refusal to engage in discussions with us,” said Tan in a statement. “In light of the significant value our proposal provides for Qualcomm stockholders, we believe Qualcomm stockholders would be better served by new, independent, highly qualified nominees who are committed to maximizing value and acting in the best interest of Qualcomm stockholders.” Directors nominated by Tan have a wide range of experience in the financial and technologies industries, including previously holding executive positions at Nokia, General Motors, J.P. Morgan and EMC Corp., among others. The hostile