Published: Fri, March 16, 2018
Finance | By Jaime Brady

Broadcom drops Qualcomm takeover attempt following Trump order

Broadcom drops Qualcomm takeover attempt following Trump order

With the Oval Office killing the deal, Broadcom officially cancelled its bid on Wednesday and withdrew from a proxy war to fill Qualcomm's board of directors with its roster of nominees.

Broadcom indicated in its statement it will move forward with its effort to move its headquarters back to the United States.

"Let me say unequivocally, President Trump and his administration made the right decision on blocking Broadcom from taking over Qualcomm", Schumer said in a Senate floor speech Tuesday.

Based in Singapore, Broadcom previous year made an unsolicited bid north of $100 billion to purchase Qualcomm.

Shares of Broadcom were untraded, while those of Qualcomm were up marginally before the opening bell.

While Broadcom pursues Qualcomm and Intel waits, Qualcomm has also put a cash offer on the table to acquire another chipmaker, Netherlands-based NXP Semiconductors.

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The order's argument was based on a March 5 letter from the Committee on Foreign Investment in the U.S. (CFIUS).

"This decision is based on the facts and national security sensitivities related to this particular transaction only and is not meant to make any other statement about Broadcom or its employees, including its thousands of hard working and highly-skilled U.S. employees", Broadcom said.

The Wall Street Journal reports the company is still planning redomicile to the USA despite the blocking from the President.

On Monday, President Donald Trump signed an order that halted what would have been the largest technology acquisition in history.

The company's hostile takeover attempt came at a vulnerable time for Qualcomm, which has been embroiled in a long-running legal dispute with Apple and is facing several large fines from governing bodies across the globe, including a $1.23 billion fine recently levied against the company for breaking the European Union's antitrust laws.

Qualcomm said that Broadcom was fundamentally underestimating the company's value.

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