Saturday, 22 September, 2018

Government Worries China Will Profit From Hostile Takeover Of US Company

Qualcomm takeover bid halted by US government Tech's biggest takeover could be blocked by the US government
Camille Neal | 07 March, 2018, 00:27

"CFIUS has determined that there are national security risks to the United States as a result of and in connection with the transaction proposed by Broadcom", it said.

The CFIUS is comprised of officials from multiple cabinet agencies and is tasked with investigating potential national security threats from foreign business deals in the U.S.

What's at stake: US-based Qualcomm is a leader in 5G wireless tech for things like driverless cars.

The inter-agency body, led by the Treasury, rarely looks at mergers before firms have clinched an agreement, highlighting the urgency of USA concerns about safeguarding semiconductor technology and casting doubt on the deal's success.

"Such an investigation is often a death knell for a corporate acquisition", the Times wrote.

"Reduction in Qualcomm's long-term technological competitiveness and influence in standard setting would significantly impact USA national security", the letter said. Qualcomm stock was down 3.4%, near 61.90.

NewsAlert: Gary Oldman wins best actor Oscar for 'Darkest Hour'
In addition, " Phantom Thread " won the Best Costume Design while " Darkest Hour " earned the Best Makeup and Hairstyling . McDormand continued: "Look around ladies and gentlemen, because we all have stories to tell and projects we need financed.

Broadcom said on March 5 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.

U.S. Republican lawmakers on Monday backed a U.S. panel's decision to delay semiconductor firm Qualcomm Inc (QCOM.O) shareholder meeting to allow for a more extensive review of Broadcom Ltd's (AVGO.O) takeover bid.

See stocks near a buy point, get chart pattern recognition and run custom screens. Instead, Broadcom has resorted to what is essentially a hostile takeover by putting forward a slate of six Broadcom nominees for Qualcomm's 11-member board.

"It should be clear to everyone that this is part of an unprecedented effort by Qualcomm to disenfranchise its own stockholders", said Broadcom.

Qualcomm took a deep breath, counted to three and responded to Broadcom's weekend broadside before postponing its stockholder meeting by a month.

"Qualcomm's work is too important to our national security to let it fall into the hands of a foreign company-and in a hostile takeover no less", Cotton said in a statement. Broadcom is based in Singapore.

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