Broadcom have been trying to take over Qualcomm for a while and now it looks like the potential deal has been blocked.
The US president Donald Trump has now signed a Presidential order that stops Broadcom taking over Qualcomm. He has also banned any Broadcom officers from taking a seat on the Qualcomm board.
“Qualcomm Incorporated (NASDAQ: QCOM) today received a Presidential Order to immediately and permanently abandon the proposed takeover of Qualcomm by Broadcom Limited (NASDAQ: AVGO). Under the terms of the Presidential Order, all of Broadcom’s director nominees are also disqualified from standing for election as directors of Qualcomm.
Qualcomm was also ordered to reconvene its 2018 Annual Meeting of Stockholders on the earliest possible date, which based on the required 10-day notice period, is March 23, 2018. Stockholders of record on January 8, 2018 will be entitled to vote at the meeting.”
President trump has said that there is a potential threat to national security and this is why he has blocked the takeover.
Source Press Release
Filed Under: Gadgets News