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Qualcomm asked United States security panel to delay shareholder meeting: Broadcom
06 March 2018, 01:42 | Yvette Williams
The government's national security merger review body, called the Committee on Foreign Investment in the US, asked Qualcomm to delay its scheduled shareholder elections this week so the committee could continue reviewing the possible merger.
"This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom's independent director nominees", Broadcom said of the delaying development.
At the now-postponed meeting, Qualcomm shareholders were going to vote whether to replace six Qualcomm board directors with Broadcom-nominated candidates, a move that could accelerate the acquisition if those candidates were elected and took a majority position on the board.
Broadcom is now based in Singapore, but expects to move its headquarters to the U.S.no later than May 6, the company said.
Qualcomm has argued that Broadcom's $117 billion offer undervalues the company.
See stocks near a buy point, get chart pattern recognition and run custom screens. However, in recent weeks, Qualcomm has become more receptive to Broadcom's proposal - that is if the company can sweeten its offer price and pass regulatory oversight. Qualcomm shot back that Broadcom's claims that the CFIUS inquiry was a surprise to them has "no basis in fact".
Broadcom is incorporated and now based in Singapore, but CEO Hock Tan announced late previous year while visiting President Donald Trump at the White House that the company would return its corporate headquarters to the USA, likely using San Jose as a base.
Qualcomm and Broadcom are two of the biggest makers of components that are crucial to modern communications systems, including fixed-line and mobile. The interagency body, which is known as Cfius, includes representatives from the Treasury and Justice Departments.
Qualcomm is the largest USA tech companies and one of the few that manufactures semiconductors, making it a rival to Chinese company Huawei Technologies.
CFIUS was apparently split on whether or not to review Broadcom's takeover attempt. Qualcomm said it would challenge that fine. "It typically doesn't weigh a transaction until a deal is reached".
Broadcom shares lost 1.5 percent by the close of trading in NY, while Qualcomm fell 1.1 percent.
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