Broadcom leaves Qualcomm takeover lust after Trump block

Sheri Evans
March 15, 2018

Address Qualcomm rejected Broadcom offers and the Government of Trump ordered earlier this month at the California delay a meeting at which shareholders had been able to appoint new directors related to the operating company.

The foreign chipmaker today announced that it's complying with an order issued by President Trump that cited national security in blocking the deal. The company has also withdrawn its slate of independent director nominees for Qualcomm's board.

In addition, the 15 potential candidates proposed by Broadcom before the Securities and Exchange Commission (SEC) are "disqualified" as possible members of the Qualcomm board, which is also prohibited from now accepting the nomination or votes of any of the candidates.

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Although Broadcom is incorporated and based in Singapore, CEO Hock Tan announced late past year while visiting Trump at the White House that the company would return its corporate headquarters to the United States, likely using San Jose as a base.

An investigation of the deal by the Committee on Foreign Investment in the US, which reviews purchases of American businesses by foreign investors, confirmed national security threats related to the acquisition by Broadcom, the Treasury Department said in a letter to both companies made public March 12. Treasury said Broadcom violated that order by not giving proper notice about moving its headquarters to the U.S. Later that day Trump took the committee's recommendation and banned the deal.

Being based in the United States as opposed to Singapore should make it easier for Broadcom to make acquisitions of US companies without falling under the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS). So much so, that Intel was rumored to be looking into acquiring Broadcom to prevent the Qualcomm deal. Qualcomm said that Broadcom was fundamentally underestimating the company's value.

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