Qualcomm To Adjourn Annual Meeting Of Stockholders To April 5, 2018

07 March, 2018, 00:28 | Author: Kristen Mcgee
  • Broadcom's bid to take over Qualcomm is delayed for a national security review

"Broadcom, which is run by a Board of Directors and senior management team consisting nearly entirely of Americans, and which is largely owned by the same United States institutional investors that own Qualcomm, recognizes the important role CFIUS plays in protecting our national security, and is fully committed to cooperating with CFIUS in any review, just as Broadcom did during its prior successful acquisitions, including its acquisition of Brocade at the end of 2017", Broadcom wrote in its release. Broadcom has nominated six directors to Qualcomm's board in its effort to purchase the company, and a Monday report from Bloomberg News said that shareholders were backing Broadcom's nominees in early voting.

"This measure will afford CFIUS the ability to investigate fully Broadcom's proposed acquisition of Qualcomm", the U.S. Treasury Department, which oversees CFIUS, said in a statement.

"It would be deeply concerning if foreign parties were able to acquire control of US 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.

Cotton argued that Chinese companies would have an advantage in the future if the US allowed firms from overseas to take over certain American technology companies such as Qualcomm.

Before announcing its first bid for Qualcomm, Broadcom had announced that it would begin the corporate redomiciling process to the United States after having been moved from there in 2015. "Broadcom's claims that the CFIUS inquiry was a surprise to them has no basis in fact", Qualcomm wrote. Some critics of Broadcom's merger plans say that domestic control of that technology is an important to maintaining national security and maintaining a stake in the future of 5G technologies.

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In a statement, Broadcom disclosed that Qualcomm had voluntarily requested CFIUS intervention on January 29 and told none of its shareholders. "Broadcom has been interacting with CFIUS for weeks and made two written submissions to CFIUS".

"This can only be seen as an intentional lack of disclosure, both to Broadcom and to its own stockholders". John Cornyn, R-Texas, and local Reps. "Qualcomm now has their excuse to postpone their critical vote, giving them some breathing room to work on its acquisition of NXP Semiconductors NV, attempt to make progress on their Apple Inc licensing issues, and attempt to build a stronger case for shareholders", said Bernstein analyst Stacy Rasgon.

Previously, Broadcom has said it would walk away from its $79 per share offer to acquire Qualcomm should the annual meeting be delayed past today.

Meanwhile, Qualcomm's proposed acquisition of NXP is still waiting on approval from China's regulators. On Monday, it extended its $127.50 per share tender offer until Friday.


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