Two days after Trump put his foot down, blocking the Singapore-based Broadcom's $142 billion takeover attempt of the biggest US-based chipmaker Qualcomm on national security grounds, Broadcom officially abandoned its pursuit to buy the chipmaker.
Moments ago, Broadcom announced that it has withdrawn and terminated its offer to acquire Qualcomm Incorporated and has withdrawn its slate of independent director nominees for Qualcomm's 2018 Annual Meeting of Stockholders.
The move, while expected, brought to an end a long battle between the two companies: “Although we are disappointed with this outcome, Broadcom will comply with the order,” the company said in a statement.
The full, and somewhat bitter, Broadcom press release is below:
Although we are disappointed with this outcome, Broadcom will comply with the Order. Broadcom will continue to move forward with its redomiciliation process and will hold its Special Meeting of Stockholders as planned on March 23, 2018.
Broadcom's Board of Directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process.
Broadcom thanks the independent nominees who stood for election to the Qualcomm board, not only for their time and effort but also for their unwavering commitment to act in the best interests of Qualcomm stockholders.
And in a snarky aside, Broadcom also said that it appreciates the following statement from U.S. Treasury Secretary and CFIUS chair Steven Mnuchin on March 12:
"This decision is based on the facts and national security sensitivities related to this particular transaction only and is not intended to make any other statement about Broadcom or its employees, including its thousands of hard working and highly skilled U.S. employees."1
And then added the following snippy footnote: "1 Permission to use quotations was neither sought nor obtained."
Comments
If you know how broad a product line Broadcom has I was surprised they let that be sold off.
What a fight.... I received a dozen each from the Q and Broadcom for me to vote in their representatives....!
In reply to asdf by DownWithYogaPants
Trump is turning off the "For Sale To The Highest Bidder" sign that the Bankster/Swamp cabal has had lit for so long.
Good.
In reply to What a fight.... I received… by Stan522
How different would it be if hildabeast was POTUS?
In reply to Trump is turning off the … by HopefulCynical
Same shit but with the other half of the country screaming instead. Are you new?
In reply to How different would it be if… by Stan522
Are you condescending....?
Click on my profile asshole and stop acting like the typical Lib you seem to be....
In reply to Same shit but with the other… by americanreality
She would have sold it, then it would later come out that she had massive options on the shares to go either way in a structure that put the losing side of the trade back to Tyson...I mean Broadcom.
In reply to How different would it be if… by Stan522
'Tyson'...
Nice --
+1
In reply to She would have sold it, then… by Agent P
"If you know how broad a product line Broadcom has I was surprised they let that be sold off."
Broadcom wasn't sold, it was a silly move of their headquarters out of the US for tax benefits. They were "bought out" by a much smaller company which then immediately assumed the Broadcom brand and all it's management structure without any changes. Yeah, right...
The move has now obviously backfired as Intel may be the preferred buyer of Qualcomm.
In reply to asdf by DownWithYogaPants
Not only broad, but where the products are used. If you wanted deep inside access to critical infrastructure, you couldn't do much better.
In reply to asdf by DownWithYogaPants
Oye vey ! why does goyim Drumpf stop the march toward (((globalism)))
>>Oye vey ! why does goyim Drumpf stop the march toward (((globalism)))<<
He didn't. And "Money Power Monopolism" is a much more useful term than is the vague, ambiguous, imagination inducing, information bereft term "globalism."
Supranational Money Power Monopolist Mega-Corporate Global Fascist Empire is a full description of "globalism."
In reply to Oye vey ! why does goyim… by JoeTurner
Dear Broadcom,
You've been buying up the shit US technology that couldn't compete for years. And no wonder, another bug discovered 20 years after the fact. <true story, btw>
Sincerely,
Someone who tests obsolete electronic crap for a living which in turn is bought by the U.S. MIC. Now doesn't that just give you a warm and fuzzy feeling, my fellow American citizens?
I'm interested in hearing more and this time more specific and less cryptic. Please
In reply to Dear Broadcom,… by cheech_wizard
And I should do this for you why? What is your interest precisely? Just curiosity?
Quite frankly, I'll be as cryptic as i want to be. When components don't meet AC/DC data sheet specifications, that's a problem, isn't it? When I dump internal register contents and they don't match data sheet specifications, is not that a problem as well?
In reply to I'm interested in hearing… by my username
Uh-oh... You mean like, tugboat escorts...?
In reply to Dear Broadcom,… by cheech_wizard
"Get your damned dirty hands off our chips you filthy apes!"
Could not have said it better
In reply to "Get your damned dirty hands… by NoDebt
Good move, President Trump!
"...redomiciliation..."
To Mexifornia?
Foreigners --- "All your companies is belong to us now!"
Loser press release. Idiots. Pathetic.
Wasn't Bibi in the White House when "The Donald" made his National Security announcement?
Any dots to connect here?
Qualcomm Israel has 2 R&D centers located at Haifa and Hod Hasharon, both sites are affiliated to Qualcomm Technologies, Inc. Qualcomm's largest division, selling millions of chips per year.
The R&D center in Israel was established in 1993 and since targets to provide meaningful contributions to Qualcomm's products, technologies and innovation. Between 2010-2016, Qualcomm acquired five Israeli companies, and continues to expand in leading technologies.
A partial list of core technologies developed at Qualcomm Israel include:
India, Israel to jointly work for development of 5G technology
Chosen people has spoken and it shall be done.
In reply to Wasn't Bibi in the White… by SillyWabbits
American companies belongs in here. Foreigners GTFO!
Does Qualcomm get the $8 billion break fee?
I think force majeure applies in this instance, so no.
In reply to Does Qualcomm get the $8… by Agent P
i guess the idea of a fascist regime buying up US assets is not acceptable. Of course, if it were some US fascist company buying foreign assets, we would send our air craft carriers there to persuade them of the excellence of the deal.
When the Gov told Intel/AMD to stop selling chips to China, China produces its own chips, which eventually will be on the global market.
This Broadcom/Qualcomm issues will result in the same way.
The 5G technology is just science. To stay ahead, producing unique and new techs is the way not stopping others from doing business. Human civilization has always been that way.
Anyway... those Qualcomm share holders lost some profits.
In reply to i guess the idea of a… by Expat
Trust me when I say it won't be coming from Broadcom...
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In reply to When the Gov told Intel/AMD… by JibjeResearch