Saturday, 21 July, 2018

Republican lawmakers back review of Broadcom's Qualcomm bid

Qualcomm building is shown in San Diego California U.S. Mike B  REU Qualcomm building is shown in San Diego California U.S. Mike B REU
Oscar Goodwin | 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.

Recommended

Launch window for SpaceX Falcon 9 rocket schedule to open around midnight Launch window for SpaceX Falcon 9 rocket schedule to open around midnight About 33 minutes into the flight, the satellite was deployed into geo-stationary orbit, SpaceX said in a webcast. Chief Executive Musk said that the Hispasat satellite is the "largest geostationary satellite we've ever flown".

Walmart expanding meal kits to more stores Walmart expanding meal kits to more stores Walmart's grocery business faced stepped-up competition when Amazon acquired Whole Foods past year for almost $14 billion. Walmart's convenience meal options serve two people and range in price from $8 to $15.

MHP chair calls on U.S. to remain trustworth ally of Turkey MHP chair calls on U.S.  to remain trustworth ally of Turkey Ankara regards the YPG as associated with Kurdish PKK insurgents fighting in southeastern Turkey since 1984. Allegations have been made against Turkey over the deaths of civilians during the Afrin operation.

Sami Khedira: 'Juventus can rely on experience against Tottenham Hotspur' Sami Khedira: 'Juventus can rely on experience against Tottenham Hotspur' Champions League nights are what we all want to be involved in and this is a chance to get into the quarter-finals". I had the possibility to meet him, he was a great person, great player, great professional.

Amazon stops selling Nest products as war with Google continues Amazon stops selling Nest products as war with Google continues Because of that, Nest has chose to stop selling all of its products on the online retail giant as soon as inventory is sold out. It remains unclear whether third-party vendors will still be able to sell Nest products on the Amazon Marketplace.

Tiffany Haddish Resurrected That Alexander McQueen Dress for the Oscars Tiffany Haddish Resurrected That Alexander McQueen Dress for the Oscars Tiffany wore a zuria; a traditional dress worn in Eritrea and Ethiopia , along with a traditional headdress. Well, there's one actress that hit the Oscars carpet Sunday night in an ensemble that will do just that.

England win a thriller despite Williamson ton England win a thriller despite Williamson ton Bowling: Woakes 10-1-40-2, Wood 6-0-36-0, Curran 7-0-49-0, Stokes 6-0-27-0, Rashid 10-1-34-2, Ali 10-1-36-3, Root 1-0-7-0. New Zealand won the first game in the five-match series by three wickets while England took the second by six wickets.

Oscars 2018: National Basketball Association star Kobe Bryant wins for Best Animated Short Film Oscars 2018: National Basketball Association  star Kobe Bryant wins for Best Animated Short Film It was published on the Player's Tribune website and simultaneously announced his final National Basketball Association season. Bryant is a five-time National Basketball Association champion with the Lakers and a two-time Olympic gold medalist.

'Icarus' Director Brian Fogel Dedicates Academy Award To Russian Doping Whistleblower 'Icarus' Director Brian Fogel Dedicates Academy Award To Russian Doping Whistleblower Grigory Rodchenkov, the then-director director of Russia's Anti-Doping Center. "The film has taken on this whole other meaning". The revelations made in the documentary film helped put Russian Federation in the spotlight.

Former drug executive Martin Shkreli ordered to give up $7.36 million Former drug executive Martin Shkreli ordered to give up $7.36 million She said that regardless of the investors' ultimate gains, Shkreli got their money in the first place through fraud. Federal records state Shkreli must hand over up to $7,360,450 in assets for his role in defrauding investors.

North Korea, seeking 'equal footing,' rejects preconditions for United States talks North Korea, seeking 'equal footing,' rejects preconditions for United States  talks President Donald Trump also warned of a " phase two " that could be " very, very unfortunate for the world " if the steps did not work.

Houston Rockets vs. Boston Celtics Houston Rockets vs. Boston Celtics UP NEXT: The Celtics (44-20) will play the second of a three-game road trip Monday night against the Chicago Bulls (21-41). Houston were able to lock up their 15th straight victory, 10 of which came against teams with a.500 record or better.

Iran's defense program has nothing to do with France: Velayati Iran's defense program has nothing to do with France: Velayati French President Emmanuel Macron also said in February that Iran's ballistic missile program must be placed under global surveillance.

Florida Senate holds rare session on school safety bill Florida Senate holds rare session on school safety bill School employees would have to receive 12 hours of training every two years from the Mississippi Department of Public Safety. Ben Smaltz, R-Auburn, filed an amendment to strip the Senate bill of all the church language and focus only on licensing.

Kelly Ripa Reportedly Livid Over Ryan Seacrest Scandal: They 'Oversell Their Friendship' Kelly Ripa Reportedly Livid Over Ryan Seacrest Scandal: They 'Oversell Their Friendship' E! is attempting to get in front of any potential backlash against host Ryan Seacrest on the Oscars red carpet. She claimed the investigator that E! hired never contacted the witnesses she referred to originally.