Technology  March 14, 2018

Following presidential order, Broadcom drops offer on Qualcomm

FORT COLLINS and BOULDER — Broadcom Limited (Nasdaq: AVGO), which has a major presence in Fort Collins, has withdrawn and terminated its offer to acquire Qualcomm Inc. (Nasdaq: QCOM), which has a major presence in Boulder.

The proposed acquisition of the San Diego-based chipmaker by Singapore-based Broadcom was scrapped after it was blocked by President Donald Trump on national security grounds.  

“There is credible evidence that leads me to believe that Broadcom Limited, a limited company organized under the laws of Singapore…through exercising control of Qualcomm Incorporated (Qualcomm), a Delaware corporation, might take action that threatens to impair the national security of the United States,” a statement from the White House said.

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Both companies were ordered to abandon the deal.

The presidential order also disqualifies Broadcom’s director nominees from standing for election as directors of Qualcomm.

Although we are disappointed with this outcome, Broadcom will comply with the order,” read a statement from Broadcom.

Back in November, Broadcom made a $130 billion offer of Qualcomm.

 

FORT COLLINS and BOULDER — Broadcom Limited (Nasdaq: AVGO), which has a major presence in Fort Collins, has withdrawn and terminated its offer to acquire Qualcomm Inc. (Nasdaq: QCOM), which has a major presence in Boulder.

The proposed acquisition of the San Diego-based chipmaker by Singapore-based Broadcom was scrapped after it was blocked by President Donald Trump on national security grounds.  

“There is credible evidence that leads me to believe that Broadcom Limited, a limited company organized under the laws of Singapore…through exercising control of Qualcomm Incorporated (Qualcomm), a Delaware corporation, might take action…

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