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.
Broadcom Makes More Promises to Appease US Regulators
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.
US Intervenes In Vote, Wants to Review Qualcomm-Broadcom Deal
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.
Trump Puts the Kibosh On Broadcom's Qualcomm Bid
President Trump today issued an order that prevents Broadcom from purchasing Qualcomm. Trump cited national security as his reason behind the order.
Broadcom Ends Bid to Acquire Qualcomm
Broadcom today said it will no longer pursue its proposed acquisition of rival chipmaker Qualcomm. The decision comes two days after the Trump administration opposed the deal on national security grounds.