Qualcomm receives a Presidential Order sanctioned by US President Donald Trump to immediately and permanently abandon the proposed takeover of Broadcom over Qualcomm.
Qualcomm receives a Presidential Order sanctioned by US President Donald Trump to immediately and permanently abandon the proposed takeover of Broadcom over Qualcomm.
Qualcomm, an American multinational semiconductor and telecommunications equipment company, receives a Presidential Order sanctioned by US President Donald Trump to immediately and permanently abandon the proposed takeover of Broadcom over Qualcomm. Under the terms of the Presidential Order, all of Broadcom’s director nominees are also disqualified from standing for election as directors of Qualcomm.
Read the Presidential Order here
Broadcom’s Efforts to Takeover Qualcomm
Broadcom has been trying to take over Qualcomm since last year, throwing offers from time to time. November 6, 2017, Broadcom proposes to acquire Qualcomm for $70 per share in cash and stock in a transaction valued at $130 billion.
Broadcom then presented its ‘best and final’ offer on February 5, 2018 where it offers $82 per Qualcomm share totaling to a $121 USD billion. However, Broadcom still pursued Qualcomm and made another offer of $79 per share on February 21, 2018.
Broadcom’s Response to Presidential Order
Broadcom issues a statement with regards to the Presidential Order while the company reviews it. Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns. On the statement Broadcom claims the takeover is purely on a business perspective, to improve competitive performance and continue its edge of producing winning designs for its clients. Broadcom also restates its proposal of re-domiciliation or to re-establish the residency of its ultimate parent company, Broadcom Limited, to the United States.
See Broadcom’s full statement here.
March 14, 2018 Update: Broadcom Withdraws Offer to Acquire Qualcomm
Broadcom announces its statement of withdrawal and termination of efforts to acquire Qualcomm. Broadcom expresses disappointment with the outcome but will comply with the Presidential Order.
Read Broadcom’s statement here
