Economy

Broadcom Cries Foul As Qualcomm Delays Shareholder Vote On Takeover

Broadcom Cries Foul As Qualcomm Delays Shareholder Vote On Takeover

Qualcomm's board has repeatedly rejected the offer, so Broadcom is asking shareholders to elect a new board. The offer was cut from $82 a share, or $121 billion, after Qualcomm raised its bid for NXP Semiconductors.

"In compliance with the CFIUS order, Qualcomm will delay its Annual Meeting of Stockholders and election of directors for at least 30 days so that CFIUS can fully investigate Broadcom's proposal to acquire Qualcomm", the company added. But it now appears willing to continue to pursue its bid for Qualcomm through the CFIUS review, said Bernstein Research Analyst Stacy Rasgon in a research note.

Broadcom, based in Singapore, has pledged to move its headquarters to the USA, which it believes would remove CFIUS jurisdiction.

American regulators have asked the chip maker Qualcomm to delay its annual shareholder meeting to give them time to investigate whether a takeover bid by Broadcom, a Singapore-based rival, would threaten national security.

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"This can only be seen as an intentional lack of disclosure - both to Broadcom and to its own stockholders", the Singapore-based chipmaker said in a statement.

"We can not overstate the likely harm (from a Broadcom hostile takeover) that would result to Qualcomm, the USA company leading the development of 5G and other next-generation technologies, as well as to the United States security interests", said the Gallagher letter.

Broadcom's attempted takeover of Qualcomm, initially unveiled in November, would be the largest technology deal in history, creating an industry giant whose products would be in a majority of the world's smartphones.

As the request was made 48 hours before Qualcomm's Annual Meeting was due to take place, Broadcom suspects that the move was a means to delay a vote which could see Qualcomm board members replaced - and change the rules of the game when it came to a potential merger.

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

"It would be deeply concerning if foreign parties were able to acquire control of USA companies through proxy fights for their boards without the action first going undergoing a CFIUS review", the congressman wrote, noting that such a move would encourage other foreign companies to also evade CFIUS overview through such means.

Broadcom said it is run by a board of directors and senior management team consisting nearly entirely of Americans.

Broadcom said the company is fully committed to cooperating with CFIUS in any review. Getting NXP into the fold would increase Qualcomm's presence in such areas as 5G, the internet of things and autonomous vehicles.

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