Broadcom withdraws Qualcomm offer after Trump blocks bid

16 Marcha, 2018, 05:27 | Author: Arnold Perez
  • Qualcomm

Qualcomm insisted the price offered by Broadcom was too low and that it has a bright future on its own, especially ahead of a transition to fifth-generation (5G) wireless communications networks. The company announced it will redomicile beginning in April, a month earlier than it originally planned. While the change in headquarters has been in the works since late a year ago, the earlier date would complete the process before a scheduled vote by Qualcomm shareholders.

The order's argument was based on a March 5 letter from the Committee on Foreign Investment in the U.S. (CFIUS). Earlier this month, the Committee on Foreign Investment in the USA, a multi-agency panel, ordered Qualcomm to delay its shareholders meeting, pending a review of Broadcom's potential takeover.

"The proposed absorption of Qualcomm is prohibited, and any merger, acquisition or substantially similar absorption, whether direct or indirect, is also prohibited", Trump said in a presidential order.

Broadcom Ltd., the Singapore-based company that spent much of the past four months attempting to acquire fellow chip maker Qualcomm Inc., on Thursday said quarterly profit surged as it booked a one-time benefit of almost $6 billion tied to the USA tax overhaul.

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However, at the end of the day, the White House cited national security reasons in scuttling the deal, namely not wanting Qualcomm to become a foreign-owned company.

"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", the company said. On Twitter Friday, Bloomberg presenter Jonathan Ferro called the state of affairs a "Russian doll of chip deals".

"Get ready for the $2,000 smartphone in a world where chipmaking is dominated mostly by one company", a report on the investor site TheStreet warned in November. Without Trump's intervention, it could have gotten its hands on a company strong in chips used in the telecommunications industry.

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