Broadcom will officially stop plans to take over Qualcomm

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It’s final and official: Broadcom will no longer pursue its acquisition of Qualcomm. The US President Donald Trump has blocked the Qualcomm-Broadcom deal citing national security concerns. The Singapore-based company is stopping any attempt to acquire Qualcomm so you know it’ really not happening. Broadcom is expected to comply especially after an official statement was released. Qualcomm has earlier declined Broadcom’s multi-billion dollar deal. The board has been fighting the Broadcom bid, saying the company is worth more than that.

Trump’s order trumps any plans to make the acquisition a reality because of the possible national security threats. The deal has been banned since and we are reminded once more that it is never happening.

Broadcom has already withdrawn and terminated the offer. The company released this public statement:

Although we are disappointed with this outcome, Broadcom will comply with the Order. Broadcom will continue to move forward with its redomiciliation process and will hold its Special Meeting of Stockholders as planned on March 23, 2018.

Broadcom’s Board of Directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process.

Broadcom thanks the independent nominees who stood for election to the Qualcomm board, not only for their time and effort but also for their unwavering commitment to act in the best interests of Qualcomm stockholders.

Broadcom appreciates the following statement from U.S. Treasury Secretary and CFIUS chair Steven Mnuchin on March 12: “This decision is based on the facts and national security sensitivities related to this particular transaction only and is not intended to make any other statement about Broadcom or its employees, including its thousands of hard working and highly skilled U.S. employees.”

VIA: Bloomberg

SOURCE: Broadcom

via Android Community

March 14, 2018 at 07:10AM