Broadcom officially withdraws its Qualcomm takeover bid

Broadcom officially withdraws its Qualcomm takeover bid

Varaiya said he expects Qualcomm to focus on developing its 5-G technology, and its acquisition of NXP Semiconductors, to boost its performance.

Recall, 6 November 2017, the year Broadcom announced that Qualcomm offers over 105 billion dollars or $70 per share - at that time it was 28% above the current market price.

According to London, Trump's decision to black Broadcom's hostile takeover of Qualcomm is part of a broader strategy to ensure global USA preeminence in technological innovation. Consultancy Freeman & Co estimated that Broadcom could pay between $110m and $135m to its advisers, while Qualcomm could pay between $120m and $145m.

Bringing Broadcom and Qualcomm together would have been the technology industry's largest ever deal.

However, a recent USA presidential order blocked the acquisition of Qualcomm by Broadcom, setting up the biggest possible road block in Broadcom's plans.

Qualcomm and a host of other big technology companies are racing to build a next-generation nationwide network known as "5G" with download speeds that could be 100 times faster than what most consumers experience now on their wireless service.

"There is credible evidence that leads me to believe that Broadcom ... might take action that threatens to impair the national security of the United States", Trump wrote in the executive order. In its announcement, Broadcom says it still doesn't agree with the presidential order's particulars, but that it will "comply with the order".

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Broadcom said earlier this year it would fully be a US domiciled company by May 6.

The Committee on Foreign Investment in the United States, which reviews the national security implications of foreign investments in USA companies, cited concerns about Broadcom's penchant for cutting costs such as research spending.

"From a stock perspective, we view the executive order as a slight positive as it removes a near-term distraction and overhang on the stock", KeyBanc Capital Markets analyst John Vinh said in a report.

In case you hadn't heard, Broadcom has been trying to purchase Qualcomm since late previous year, with Qualcomm resisting at every corner.

Broadcom has also withdrawn the nominees it named for Qualcomm's board of directors, which will be decided at Qualcomm's 2018 annual stockholders meeting early next month.

In a statement, Treasury Secretary Steve Mnuchin supported the USA government's decision, noting that the "decision is based on the facts and national security sensitivities related to this particular transaction only".

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