Broadcom Officially Withdraws Their Offer To Acquire Qualcomm

According to a report yesterday, it was suggested that Broadcom could be getting ready to officially announce that they will be withdrawing their offer to acquire Qualcomm. Turns out the reports were right, although it’s not hard to see why, as Broadcom has since issued a press release announcing their plans to withdraw.

In Broadcom’s statement, “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.”

For those learning about this for the first time, Broadcom had initially expressed their interest in acquiring Qualcomm. Qualcomm was resistant to the idea at first, but later seemed to be more open to it. However the US Treasury issued a statement which suggested that they did not look upon the plan favorably which was quickly followed by the US government’s official decision to block Broadcom’s bid.

That being said, we guess all of this is now in the past, although interestingly enough there have been reports that Intel could be looking to acquire Broadcom, but whether or not those reports are true and we will see Intel make a bid remains to be seen.

Tyler Lee
Categories: General
Tags: broadcom, Legal, Qualcomm