Stefan Mileschin

A shocking development in the ongoing attempt by Broadcom to takeover Qualcomm in a hostile way has finally been put to rest. The US government's Committee on Foreign Investment (CFIUS) advised the President Donald Trump to put a stop to it. The reaction was swift, as the US government ordered both Broadcom and Qualcomm to put an end to the matter, immediately.

The following statement was issued:

Qualcomm Incorporated (NASDAQ: QCOM) today received a Presidential Order to immediately and permanently abandon the proposed takeover of Qualcomm by Broadcom Limited (NASDAQ: AVGO).

A Presidential Order is a big deal in the US and under its terms, all of Broadcom’s director nominees are also disqualified from standing for election as directors of Qualcomm. So, the Trump driven government is not kidding.

Broadcom Limited (NASDAQ: AVGO) ("Broadcom") issued the following statement:

Broadcom is reviewing the Order. Broadcom strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.

Qualcomm was also ordered to re-convene its 2018 Annual Meeting of Stockholders at the earliest possible date. Based on the required 10-day notice period, the new stockholders meeting is scheduled for March 23, 2018. All stockholders of record on January 8, 2018 will be entitled to vote at the meeting, but not for Broadcom nominees, as the government doesn’t want them to.

https://fudzilla.com/news/45804-us-g...stops-broadcom