Broadcom return to United States could be complete in May

Alyssa Bailey
March 6, 2018

A United States national security panel on Sunday ordered Qualcomm to put off its March 6 annual shareholder meeting, delaying a long-awaited showdown in the company's attempt to see off a takeover bid by Broadcom.

In an unusual intervention, a US government agency has asked chip-maker Qualcomm to delay a scheduled board meeting so it can review the proposed takeover by semiconductor company Broadcom.

The Committee asked Qualcomm to postpone the annual meeting and election of directors by 30 days.

Qualcomm shareholders were set to vote on whether to hand control of the San Diego cellular technology company to Broadcom.on Tuesday morning.

"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", Broadcom said of the delaying development.

Shareholders at Qualcomm's annual meeting were to vote whether to replace six of the California company's 11 board members with candidates backed by Broadcom, essentially endorsing the merger deal.

Separately, Broadcom said on Monday that the decision by CFIUS was the result of secret moves made by Qualcomm on January 29 to encourage an investigation into the offer, which Qualcomm's board has said significantly undervalues the company. The company already is run from the United States, has many US employees, and owns critical semiconductor operations and technologies, Rasgon noted.

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"It should be clear to everyone that this is part of an unprecedented effort by Qualcomm to disenfranchise its own stockholders", Broadcom said in a statement. Qualcomm has so far resisted the unsolicited bid as too low and fraught with regulatory challenges.

But the Broadcom offer "undervalues" the USA firm, Qualcomm has said, while opening the door to talks if Broadcom boosts its price.

Four of the Broadcom nominees already have more than 500 million votes, with the other two each nearly 150 million ahead of the nearest Qualcomm candidates, according to the data.

"Broadcom's dismissive rhetoric notwithstanding, this is a very serious matter for both Qualcomm and Broadcom", the USA chipmaker said. Round two in this battle goes to Qualcomm. The takeover was to have come at a meeting scheduled for tomorrow, March 6. An increasingly disbelieving world has since been subjected to the offer being raised and then dropped again following Qualcomm's acquisition of Dutch chipmaker, NXP.

Broadcom had not claimed that it was surprised by the CFIUS investigation, but that it had not known that Qualcomm's voluntary request was behind the probe. Qualcomm said it would challenge that fine.

It also reiterated it was confident it would be able to win regulatory approval for a deal to buy Qualcomm within approximately 12 months of reaching an agreement.

Qualcomm shares were down 1.2 percent to $63.95 at 12:36 NY.

Other reports by GlobalViralNews

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