Broadcom Now Says It Will Be a US Company By April 3
Broadcom has accelerated its plans to repatriate to the United States. The company today said its efforts to redomicile should be completed by April 3, rather than May 6. The change in plans appears to be a reaction to the Committee on Foreign Investment in the U.S. (CFIUS) review being conducted of its proposed to buy Qualcomm. Qualcomm provides infrastructure and other communications equipment to the government and CFIUS fears there may be a national security risk. Broadcom, based in Singapore for the moment, planned to complete its repatriation before closing any deal with Qualcomm. Even so, it is currently a foreign company and there are limits to what foreign companies can buy when national security is a concern. The CFIUS review will be completed April 5, and Qualcomm will then hold its annual shareholder meeting. Broadcom hopes to unseat some members of the Qualcomm board and replace them with people more likely to approve its bid to buy Qualcomm. The drama between Broadcom and Qualcomm has been ongoing since the former first announced plans to acquire the latter late last year.
Mar 7, 2018
Looking to assuage fears in the U.S. government, Broadcom today committed to creating a $1.5 billion fund that it will use to invest in technology and engineers.
Mar 9, 2018
Broadcom today said it won't sell anything considered a "critical national security asset" to foreign buyers if its proposed purchase of Qualcomm is approved by U.S. regulators.
Mar 5, 2018
The U.S. government ordered Qualcomm to cancel a vote scheduled for Tuesday to allow the government more time to review a potential merger between Qualcomm and Broadcom.
Feb 8, 2018
Qualcomm's board of directors today unanimously rejected Broadcom's revised bid to acquire the company for $121 billion. Qualcomm's board continues to insist that Broadcom is undervaluing Qualcomm's overall worth.