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Broadcom’s takeover of Qualcomm gets complicated

Joe Mont | March 13, 2018

As proxy battles go, Qualcomm’s recently delayed shareholder vote on a bid to replace board members has gone into unchartered territory, with a government agency stepping in to delay any action for at least 30 days.

Qualcomm, a leading manufacturer of the chip sets found in nearly all smartphones, is fending off a takeover bid by Broadcom, a semi-conductor company domiciled in Singapore. The $117 billion, $82 per share, deal is one of the largest ever in the technology space.

A lot of ancillary activity has taken place as the bid proceeds, turning the transaction into something of a corporate soap opera.

In one recent twist, on March 9, Qualcomm announced that Dr. Paul Jacobs will no longer serve as executive chairman of its board of directors. He will continue to serve on the board, but will no longer serve in an executive management capacity, a role now eliminated.

The move was touted as part of an effort to “move Qualcomm forward by closing the...

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