Qualcomm asked USA security panel to delay shareholder meeting: Broadcom

Qualcomm asked U.S. security panel to delay shareholder meeting Broadcom

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.

The intervention highlights growing US concerns about safeguarding semiconductor technology.

"The Committee on Foreign Investment in the United States issued an interim order to Qualcomm directing it to postpone its annual stockholders meeting and election of directors by 30 days", a Treasury spokesman said in a statement.

The vote was set to take place Tuesday at Qualcomm's annual shareholders meeting.

Qualcomm officials countered that the Broadcom response "is a continuation of its now familiar pattern of deliberately seeking to mislead shareholders and the general public by using rhetoric rather than substance to trivialize and ignore serious regulatory and national security issues". The offer was cut from $82 a share, or $121 billion, after Qualcomm raised its bid for NXP Semiconductors.

A source familiar with CFIUS thinking said that if the deal was completed, the US military was concerned that within ten years,"there would essentially be a dominant player in all of these technologies and that's essentially Huawei, and then the American carriers would have no choice".

Last week, - a move that might have national security implications for the development of 5G technology in America. Broadcom has nominated six people to serve on Qualcomm's 11-member board of directors.

The announcement Monday creates a new hurdle for the deal.

Will The Galaxy Note 9 Be Worth The Wait?
The S9 has a 12MP camera with a dual aperture setup that alternates between f/1.5 and f/2.4 depending on ambient light conditions. Sharing fifth place are the Apple iPhone 8 Plus , and the Samsung Galaxy Note 8 - both with a solid 94 point camera score.

FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd is shown in Irvine, California, U.S., November 6, 2017.

Broadcom is the middle of moving its legal domicile back to the United States from Singapore, which should be completed in the next few months.

Trump praised the move at the time, calling Broadcom "one of the really great, great companies".

Wrapping up the move from Singapore and redomiciling in the United States relatively quickly could remove a roadblock to the proposed deal by calming concerns at the inter-agency Committee on Foreign Investment in the United States (CFIUS), which has the power to stop deals that could harm national security.

Broadcom has said that its chief executive, Hock Tan, and most of its senior management are American, and that they plan to relocate the company to the U.S.

Qualcomm hit back with a statement claiming Broadcom couldn't have been shocked, since it has been engaging with the CFIUS for weeks.

Qualcomm still is awaiting approval from regulators in China to acquire NXP.

Related News:



Most liked

Apple aims to enter the high-end headphones market
Apple purchased Beats for $3 billion in 2014 , and Beats has been Apple's main headphone brand until the introduction of AirPods. The headphones will feature the same seamless pairing process as the AirPods due to Apple's custom SoC powering them.

Triston Thompson to miss 'multiple games' with a right ankle sprain
With both these key players out, Larry Nance Jr ., Jeff Green and Ante Zizic will need to fill his shoes and will need to step up. Thompson's loss is another blow to the Cavs , who are already missing All-Star forward Kevin Love with a broken left hand.

Kylie Jenner Gives Fans First Look At Stormi Webster's Face
Kylie Jenner , half sister to the Kardashian clan, and baby daddy Travis Scott showed off their new baby on social media. She had spent months out of the spotlight as speculation grew that she was expecting her first child.

See You Later, Slackers: Robert Lopez First To Double-EGOT
The Disney masterpiece was the work of Robert and equally talented wife Kristen Anderson-Lopez. He owns two Daytime Emmy awards for his work on the animated series Wonder Pets .

Four UN Aids Dead In Fresh Boko Haram Attack
NEMA on Friday said three aid workers were killed; however, the United Nations put the figures of its workers killed at four. But the United Nations and the Doctors Without Borders said they had evacuated their staff and aid work had been suspended.

Katarina Johnson-Thompson finally comes good on world stage
Admittedly it was a moderate field, with none of the heptathlon medallists from last year's world championships in Birmingham . Her compatriot Marie-Josee Ta Lou took silver in 7.05, the same time as the Swiss athlete Mujinga Kambundji, who won bronze.

Seventh set of remains linked to alleged Toronto serial killer Bruce McArthur
Pollanen explained the different methods being used to identified the remains including DNA, dental and finger prints. Paul Ciantar, 54, told CNN last month that he had seen McArthur around Toronto's Gay Village.

Former Trump aide refusing Mueller subpoena: 'Screw that'
After leaving the campaign, Nunberg became an outspoken critic of Trump in the Republican primary. Despite that, he affirmed to the Post that, "the Russians and Trump did not collude".

Iran risks sanctions if ballistic missile issue not handled
Jean-Yves Le Drian's visit was scheduled for January, but it was delayed after student-led protests broke out in Iran. Tehran supports Mr Al Assad against rebels, including groups backed by the West, and backs Hezbollah in Lebanon.

USA to close embassy in Turkey for 'security threat'
Turkey police force has detained 12 suspected Islamic State extremists amid ongoing crackdown and closure of USA embassy. The notice also advised USA citizens in Turkey should avoid large crowds, keep a low profile and otherwise be cautious.

Korea rejects U.S. call to discard nuclear weapons before talks
North Korea is believed to have been behind his death, which the reclusive state has strongly dismissed. -North Korea talks were imminent.

Dana White and Cris Cyborg squash the beef following UFC 222
Before the fight could come to fruition, Anderson backed out citing "personal issues", but never revealed what those issues were. He says "the fight that needs to happen". "When you call Cyborg out, I have to handle it".

'House of Cards' Final Season Teaser Trailer Released
According to Deadline , newcomers to the cast include Oscar nominees Diane Lane and Greg Kinnear as mysterious 'siblings'. Back in October, we received word that House Of Cards was getting set to film its upcoming sixth season .

Get Out wins for best film, director at Independent Spirit Awards
Asked if his film could win big tonight (March 4) after its success at the Spirit Awards, Peele said: "It's Saturday". He is the first black filmmaker to be nominated for best picture , best director and best screenwriting.

LEGO Introduces Sustainable Plastic Blocks Made From Sugarcane
While the source of the plastic is different, people should not be able to detect any changes in the product. All sustainable products still go through rigorous testing that conventional plastic bricks do.