Broadcom drops bid to acquire Qualcomm

Business


Broadcom announced Wednesday that it is formally ending its aggressive pursuit of Qualcomm.

The company also said it is withdrawing its slate of nominees it had presented for Qualcomm’s board.

The move comes after President Donald Trump on Monday ordered the company to abandon the proposed deal. Trump said he had “credible evidence” that the deal had the potential to threaten the national security of the United States.

Broadcom said in a statement that it will comply with the order, although it is “disappointed with this outcome.”

The Singapore-based company said, however, that it will continue with its plans to relocate its headquarters to the United States. The company is scheduled to hold a special meeting for shareholders on March 23.



Source link

Products You May Like

Articles You May Like

Firm plans robotic indoor farm to supply Whole Foods Jungle Jim’s
Student debt continues to grow,  but more slowly than in the past
Why Jeff Bezos should push for nobody to get as rich as Jeff Bezos 
Snap ‘really screwed up’ on earnings
Digesting tariffs, getting ahead of good quarters

Leave a Reply

Your email address will not be published. Required fields are marked *