Microchip producer Broadcom Ltd.’s proposed takeover of chipmaker Qualcomm Inc. was blocked Monday via an executive order by United States president Donald Trump. The order referred to “credible evidence” that led Trump to believe that Broadcom, through the acquisition, “might take action that threatens to impair the national security of the United States.” It ordered the two parties to “immediately and permanently abandon” the proposal. The news is the latest salvo...
The board of directors of mobile chipmaker Qualcomm Inc. has unanimously rejected an unsolicited proposal to be purchased by Broadcom Ltd. “It is the Board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the Company’s leadership position in mobile technology and our future growth prospects,” Paul Jacobs, the executive chairman and chairman of the board of Qualcomm, said in a press release Monday. The response comes one week after networking giant Broadcom made the offer totalling $130 billion US. It would be one of the biggest ever takeovers in the tech sector. “No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry,” Qualcomm CEO Steve Mollenkopf said in the release, adding the company is confident it will...
Networking giant Broadcom Ltd. announced a proposal to purchase all outstanding shares of mobile chip maker Qualcomm Inc. on Monday morning. It could be one of the largest tech deals ever,...