Republican lawmakers back review of Broadcom's Qualcomm bid
Republican lawmakers back review of Broadcom's Qualcomm bid
Qualcomm building is shown in San Diego California U.S. Mike B REU
07 March, 2018, 00:22
In the latest twist in a high-stakes semiconductor industry takeover battle, Qualcomm has delayed its annual meeting scheduled for Tuesday, where shareholders could have endorsed Broadcom's $117 billion offer. But CFIUS-which includes officials from the Defense, Energy, Homeland Security, and Justice departments-is taking more time to review the bid to determine whether a foreign acquisition of Qualcomm constitutes a national security threat.
Qualcomm, for its part, rejected many of Broadcom's points, and noted the issue is a "very serious matter".
The meeting was supposed to be Tuesday morning, but the Committee on Foreign Investment in the United States requested a month delay late Sunday after it chose to look at Broadcom Ltd.'s hostile takeover bid for Qualcomm. "This measure will afford CFIUS the ability to investigate fully Broadcom's proposed acquisition of Qualcomm". "Broadcom's claims that the CFIUS inquiry was a surprise to them has no basis in fact". "It is critical that Qualcomm stockholders know that Qualcomm did not once mention submitting a voluntary notice to CFIUS in any of its interactions with Broadcom to date". Broadcom has nominated six directors to Qualcomm's board in its effort to purchase the company, and a Monday report from Bloomberg News said that shareholders were backing Broadcom's nominees in early voting.
Broadcom said on Monday it is run by a board and senior management team consisting nearly entirely of Americans and is largely owned by the same USA institutional investors that own Qualcomm.
The government stepped in to effectively delay the apparent hostile takeover of USA chipmaker Qualcomm by Singapore-based Broadcom Limited that would be the largest tech merger ever. "This brings Qualcomm's "engagement theater" to a new low". "Better to keep it in American hands and protect American national security".
Broadcom said on Monday that CFIUS' intervention was the result of secret moves made by Qualcomm on January 29 to seek an investigation into the offer, which Qualcomm's board has said significantly undervalues the company. The Committee on Foreign Investment in the United States (CFIUS) directed Qualcomm to postpone the meeting for 30 days.
Five other members of Congress signed the Gallagher letter on Friday that was sent to Treasury Secretary Steve Mnuchin.
Huawei is forging closer commercial ties with big telecommunication operators across Asia, the Americas and Europe, putting the company in prime position to lead the global race for wireless 5G networks, despite US allegations it poses a security threat. Scott Peters, D-San Diego, and Duncan Hunter, R-Alpine, had called for a review of the deal, the San Diego Union-Tribune reported.
The heightened scrutiny reflects the growing concern by US President Donald Trump and lawmakers over the flurry of deals in the United States by foreign companies. A combined Broadcom-Qualcomm would create the world's third-largest chip maker, behind Samsung and Intel. It would also risk cutting off clients worth billions of dollars in business every year.
Here's my opinion: hostile takeovers nearly always result in a bad company. Qualcomm said it would challenge that fine.
ONE OF ARGUABLY THE greatest ever tries in Sevens rugby was scored at a tournament in Las Vegas over the weekend. Meanwhile, the draw for the Canada Sevens, to be played at BC Place in Vancouver this weekend, was also made.
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Really, a scorpion in Indianapolis in February? "If I didn't, I don't think I (would) have made it through the grind of college. Some coaches even grabbed folding chairs and started watching just a few feet from the drills.
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Counties that have an advisory (primarily east of the Mississippi) have the potential to see moderate snowfall accumulations . Totals are the highest the furthest inland, with 4 to 8 inches in northern Cumberland and western Atlantic counties.
March 9 (Friday ) 7 p.m. - Thursday afternoon session game winners; 9 p.m. - Thursday evening game winners. In 2020, the Greensboro Coliseum will be hosting both the women's and men's ACC championship tournaments.
The size and density of the crowds has prompted a "capacity concern from Capitol Police and the West Virginia Fire Marshal". Community members have given Vasale fruit, cheese sticks and pizza to help feed the kids while they're at her house.
The New Line comedy Game Night grossed an estimated $3 million on Friday, which should allow it a second weekend of $10 million. The film received decent reviews from critics and it has been a while since Bruce Willis has had a film opened in the top five.
Lawmakers had every opportunity to legislate a fix, but the fate of Dreamers has proved too divisive for Congress to resolve. The deadline for current DACA policy to expire was set for March 5, but court proceedings made the date somewhat irrelevant.
Walmart expanding meal kits to more stores
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England win a thriller despite Williamson ton
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Houston Rockets vs. Boston Celtics
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Florida Senate holds rare session on school safety bill
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