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losangelesnewstoday.com May 21, 2018


Qualcomm v. Broadcom Round 2

06 March 2018, 01:44 | Dawn Berry

Reuters

Reuters

In a statement issued today, Broadcom described the CFIUS development as "engagement theater" aimed at deferring the will of the Qualcomm stockholders.

Qualcomm and Broadcom were not immediately available for comment.

Broadcom in a statement said that the Qualcomm move is a desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom's independent director nominees.

Qualcomm was scheduled to have its annual shareholders meeting today, during which Broadcom was going to try and take control of six seats on the board of directors, giving them a majority control over the company.

Broadcom said it would cooperate with the CFIUS review but added that it had just learned that the investigation was due to a secret, voluntary request from Qualcomm in January.

During a public ceremony at the White House Nov. 2, Broadcom CEO Hock Tan announced to President Donald Trump and others that he would be moving his company to the U.S. That announcement came as CFIUS was reviewing another merger proposal, Broadcom's bid to purchase Brocade Communications Systems.

Broadcom wants to take over Qualcomm, most recently offering $79 per share, or $117 billion in total, and putting up a slate of candidates for election to Qualcomm's board.

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Qualcomm is known for mobile chip innovations that set industry standards, for example in new superfast 5G wireless connection technology, the analyst noted.

"This is a very serious matter for both Qualcomm and Broadcom", the San Diego company said in a statement. If it had won the shareholder vote, . Broadcom has been interacting with CFIUS for weeks and made two written submissions to CFIUS.

"Broadcom's dismissive rhetoric notwithstanding, this is a very serious matter for both Qualcomm and Broadcom", the U.S. chipmaker said. CFIUS is an independent, multi-agency US governmental body charged with protecting USA national security.

The Singapore-based chip maker insists that upon completion of its redomiciliation to United States shores by May 6, the deal will no longer be covered by CFIUS.

Qualcomm is the largest US tech companies and one of the few that manufactures semiconductors, making it a rival to Chinese company Huawei Technologies.

Qualcomm went on to challenge an assertion that wasn't exactly what Broadcom had asserted.

The issue is complicated as CFIUS typically doesn't review a proposed merger until the deal is going forward, and there's no deal to review since Qualcomm has so far rejected the offers. Qualcomm has about 1.4 billion shares outstanding.



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