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Broadcom withdraws Qualcomm offer after Trump blocks deal

2018-03-15 15:06 by
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Broadcom has abandoned its $140bn bid for Qualcomm, two days after President Trump blocked it over national security fears.

Broadcom Ltd. said Wednesday that it was disappointed with Trump's decision. However, the company still plans to move its headquarters to the United States. Broadcom had its headquarters in Irvine, California, until a Singapore-based company bought it in 2015. Qualcomm had rejected Broadcom's unsolicited offer in February before the government stepped in.

"Broadcom's Board of Directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process," the company said in a statement.

Deal opponents, including the Committee on Foreign Investment in the United States, were concerned that Qualcomm would fall under the control of an Asian company that operates within China's sphere of influence.

Read more -here-

 

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