Tech
US govt halts Qualcomm takeover by Broadcom
The American Committee on Foreign Investment (CFIUS) has effectively halted a proposed takeover of Qualcomm by Broadcom, according to emerging reports.
Reports say the CFIUS asked Qualcomm to delay the Broadcom takeover vote which was supposed to happen on Tuesday.
Broadcom however, cried foul, saying this latest turn of events is an “engagement theatre”, aimed at changing the will of Qualcomm stockholders.
Read also: Apple poaches another Sony TV exec in move to improve streaming efforts
“Broadcom was informed on Sunday night that on January 29, 2018, Qualcomm secretly filed a voluntary request with CFIUS to initiate an investigation, resulting in a delay of Qualcomm’s Annual Meeting 48 hours before it was to take place,” it said in the statement.
“This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom’s independent director nominees.”
CFIUS believes this deal might hurt US national security interests.
The Broadcom / Qualcomm deal has been making headlines for quite some time now. First, Broadcom offered Qualcomm a takeover deal worth $103 billion. Qualcomm rejected, saying the price was way below decent. The offer has since been raised, but then dropped again after Qualcomm bought NXP.
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