Broadcom Focus Shifts To Earnings After Withdrawing Qualcomm Bid

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange on Feb. 5 2018

Bringing Broadcom and Qualcomm together would have been the technology industry's largest ever deal.

It is uncertain whether or not this will circumvent the national security concerns and allow Broadcom to move past the executive order, however we know that for now, Qualcomm is free to proceed as normal without worrying of an impending hostile takeover.

Broadcom issued a statement saying it is reviewing the order and it "strongly disagrees" that its proposed acquisition of Qualcomm raises any national security concerns.

"Under the terms of the presidential order, all of Broadcom's director nominees are also disqualified from standing for election as directors of Qualcomm", the California-based company said in a statement.

Lewis said it was possible USA intelligence found something to warrant concern over the deal even as Broadcom was taking steps to redomicile in the United States by April 3, which would negate a CFIUS investigation. It could just rest easy, or could make a play for either Broadcom or Qualcomm. The Ministry said that the takeover would weaken Qualcomm's position in the negotiations on the standardization of 5G solutions, and help Chinese manufacturers (such as Huawei) to dictate terms.

San Diego-based Qualcomm evolved from a US military aerospace contractor to become the dominant player in wireless radio technology over the past two decades, with its chips used in half of all smartphones.

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The Committee on Foreign Investment in the United States, which said over the weekend that it has "confirmed" national security concerns, indicated that a Broadcom-Qualcomm merger could weaken Qualcomm's leadership in the field.

President Donald Trump has blocked the $117bn takeover of chip maker Qualcomm by Singapore-based Broadcom.

"Qualcomm has become well-known to, and trusted by, the USA government", said Deputy Assistant Secretary for Investment Security Aimen Mir.

It's final and official: Broadcom will no longer pursue its acquisition of Qualcomm.

Broadcom thanked both its own stockholders and Qualcomm stockholders, some of whom have expressed concern at the future of the company. The deal was striking for a number of reasons, including the fact that the entities had yet to agree to a deal in the first place, and that Broadcom was in the process of relocating its headquarters to the United States. Broadcom has said that it will "continue to move forward with its redomiciliation process", and will still hold its special stockholders meeting on the 23rd.

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