Sunday, 09 December, 2018

Qualcomm officially reschedules shareholder meeting for April 5

Broadcom cries foul as Qualcomm merger vote gets delayed Modal Trigger Qualcomm CEO Steve Mollenkopf Getty Images
| 07 March, 2018, 00:24

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.

A USA national security panel on Sunday ordered Qualcomm to put off its 6 March annual shareholder meeting, delaying a long-awaited showdown in the company's attempt to see off a takeover bid by Broadcom. In the letter, Cornyn also noted Qualcomm's significant role in the development of 5G technologies and that the United States is competing against China in this field. If that move is ultimately successful, sympathetic ears to Broadcom would have a majority on Qualcomm's board and could clear a path to closing the deal.

"The Committee on Foreign Investment in the United States issued an interim order to Qualcomm directing it to postpone its annual stockholders meeting and election of directors by 30 days", said the U.S. Treasury Department, which chairs the committee, in a statement. For its part, Qualcomm thinks that Broadcom's accounting of events is implausible, as it claims its suitor has been in contact with the CFIUS "for weeks" and has made two "written submissions" to the body.

"This can only be seen as an intentional lack of disclosure - both to Broadcom and to its own stockholders", the Singapore-based chipmaker said in a statement. Qualcomm has so far resisted the unsolicited bid as too low and fraught with regulatory challenges.

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 ordered a 30-day delay in the hostile-takeover vote. The company already is run from the United States, has many US employees, and owns critical semiconductor operations and technologies, Rasgon noted. Scott Peters, D-San Diego, and Duncan Hunter, R-Alpine, had called for a review of the deal, the San Diego Union-Tribune reported.

During a public ceremony at the White House Nov. 2, Broadcom CEO Hock Tan announced to President Donald Trump and others that he would be moving his company to the U.S. That announcement came as CFIUS was reviewing another merger proposal, Broadcom's bid to purchase Brocade Communications Systems. A combined Broadcom-Qualcomm would create the world's third-largest chip maker, behind Samsung and Intel. The combined business would become the default provider of a set of components needed to build each of the more than one billion smart phones sold every year. CFIUS rules allow a company facing an unsolicited takeover bid to request a CFIUS review, so that its board of directors can better assess the regulatory risk of a deal.

Qualcomm went on to challenge an assertion that wasn't exactly what Broadcom had asserted.

To view PDF documents, Download Acrobat Reader.

Recommended

  • Walmart launches meal kits

    Walmart launches meal kits

    Thai curry chicken and chicken fried rice can be made with the rotisserie chicken. For Walmart, the meal push also may let it get more out of its deli section.
    Amazon to stop selling Google Nest products

    Amazon to stop selling Google Nest products

    Amazon reportedly told Google Nest near the end of a year ago that it would no longer be listing any of Nest's newer products. It's not clear yet whether third party sellers will still be allowed to sell Nest devices on Amazon.
    North Korea: US military drills harm reconciliation

    North Korea: US military drills harm reconciliation

    The report claims that two North Korean shipments to a Syrian government agency have been intercepted in the past six months. For its part, North Korea said it was not begging to talk with Washington and denounced upcoming U.S.
  • Winter Storm Warning for most of the state as mid-week storm develops

    We are now forecasting the lowest amounts in far southeastern CT where just 1"-3" of snow is likely with mostly rain. The Southern Plains are expected to experience dry, windy conditions, which puts that region at risk of wildfires.
    SpaceX targeting Falcon 9 launch early Tuesday

    SpaceX targeting Falcon 9 launch early Tuesday

    The launch that achieved the rocket's half-century took place from the Kennedy Space Centre at Cape Canaveral in Florida. The launch - 50th for the Falcon 9, if all goes well - for Spanish company Hispasat was last delayed from February 25.
    Iran sets up terms for missile talks

    Iran sets up terms for missile talks

    Jazayeri said U.S. criticism of Iran's missile programme was driven by "their failures and defeats in the region". Le Drian plans to pay a visit to Iran on Monday to hold talks with senior Iranian authorities.
  • WWE Raw: Cena openly challenges the Undertaker

    WWE Raw: Cena openly challenges the Undertaker

    On " SmackDown Live ", he earned his way into the six-man WWE Championship match that'll take place at Fastlane on March 11. The free agent suggested he be added to the WWE title match at the upcoming pay per view Fastlane .
    DACA deadline set to end Monday

    DACA deadline set to end Monday

    That created a massive backlog of renewal applications, which can take three to five months for the agency to process. Another 5,320 DACA permits expire in April and almost 14,000 more in May.
    Toronto police to provide update in Bruce McArthur investigation

    Toronto police to provide update in Bruce McArthur investigation

    Later that month, McArthur was charged with the first-degree murder of Majeed Kayhan, Soroush Mahmudi, and Dean Lisowick. Three sets of remains found inside planters on the Mallory Crescent home have been identified so far. -Sgt.
  • Kurdish-allied Arab militias move fighters to Afrin from IS frontlines-spokesman

    Kurdish-allied Arab militias move fighters to Afrin from IS frontlines-spokesman

    The US, in return, has expressed concern about the Turkish operation dubbed "Olive Branch" and urged restraint from Turkey. Turkey has repeatedly denied hitting civilians in its operation in Afrin in northwest Syria.
    James Ivory becomes Oscar's oldest victor  with 'Call Me by Your Name'

    James Ivory becomes Oscar's oldest victor with 'Call Me by Your Name'

    Varda, a filmmaking legend who was instrumental in the development of the French New Wave, is 89 - nine days older than Ivory. He was a three-time nominee for directing, for the films "A Room With a View", "Howard's End" and "The Remains of the Day ".

    Lionel Messi scores 600th career goal for Barcelona vs. Atletico Madrid

    Atletico , too, had a goal ruled out as they sought an equaliser that would have at least kept them on Barca's coattails. Simeone was pragmatic about his club's hopes of regularly upsetting the Barca-Real Madrid stronghold.

Here are 11 Texas congressional primary races to watch Here are 11 Texas congressional primary races to watch It's also quite possible that the Democratic surge is mainly about regular voters shifting from Election Day to early voting. For the young people galvanized by his campaign in Texas, the fall midterm offers the potential for an alternative future.

Deontay Wilder's Manager Exposes Joshua Promoter's Email About Making Fight Deontay Wilder's Manager Exposes Joshua Promoter's Email About Making Fight The existence of this fight could be viewed as proof that boxing is struggling to crack down on performance-enhancing drugs. At Friday's weigh-in, Wilder came in at just under 215 pounds. "This ( Ortiz ) is a proper fight, his first real test".

'Black Panther' tops new Jennifer Lawrence, Bruce Willis films 'Black Panther' tops new Jennifer Lawrence, Bruce Willis films Jumanji: Welcome to the Jungle and The Greatest Showman both remain in the top ten during their eleventh weeks of release. Jumanji is approaching $400 million domestically while Showman is closing in on $165 million domestically.

Fiji lose to US in Vegas 7s Fiji lose to US  in Vegas 7s Kenya's Oscar Ouma attacks against Fiji on day two of the HSBC World Rugby Sevens Series in Las Vegas on 4th March, 2018. ONE OF ARGUABLY THE greatest ever tries in Sevens rugby was scored at a tournament in Las Vegas over the weekend.

Gary Oldman takes the Oscar for his performance as Winston Churchill Gary Oldman takes the Oscar for his performance as Winston Churchill In the docs, obtained by TMZ , Gary said they were struggling over the phone, and that it accidentally hit her when he let go. Another big win went to Alexandre Desplat, composer of the score for both parts of Harry Potter and the Deathly Hallows .

'Icarus' Doping Movie Wins Best Documentary at Oscars 'Icarus' Doping Movie Wins Best Documentary at Oscars The evidence presented by Rodchenkov and Fogel was instrumental in Russia's ban from the 2018 Winter Olympic Games. Grigory Rodchenkov , the then-director director of Russia's Anti-Doping Center.

"Pharma Bro" Martin Shkreli ordered to forfeit almost $7.4 Million A lawyer for Shkreli could not immediately be reached for comment on the judge's order. A jury found him guilty last August of unrelated securities fraud charges.

Men appear in court charged with manslaughter after Leicester shop explosion Men appear in court charged with manslaughter after Leicester shop explosion A fifth body, which is yet to be formally identified, is believed to be Shane and Sean's mum, care worker Mary Rajoobeer, 46. They were arrested on suspicion of conspiracy to cause an explosion and for offences under the Proceeds of Crime Act.

College Basketball Odds: Duke Favored To Win Intriguing ACC Tournament College Basketball Odds: Duke Favored To Win Intriguing ACC Tournament The No. 1 Virginia men's basketball team cleaned up in the ACC basketball awards that were announced on Sunday afternoon. The Tar Heels finished 28-5 that season, losing to Marquette 67-59 in the NCAA Tournament national title game.

Manchester City's Ilkay Gundogan: 'Not always good to win title early' Manchester City's Ilkay Gundogan: 'Not always good to win title early' Gundogan has experienced something similar before when he helped Borussia Dortmund win their domestic title in 2011/12. If you are able to win the league quite early, you can lose that seriousness for the Champions League, maybe.

Russia will 'never' extradite citizens accused of US poll meddling: Putin Russia will 'never' extradite citizens accused of US poll meddling: Putin This assessment is given both by buyers themselves and prospective customers of Russian armaments and military hardware, Putin added.

Vietnam hosts US aircraft carrier for first time since war ended Vietnam hosts US aircraft carrier for first time since war ended Last year, Vietnam deployed six submarines purchased from Russian Federation to Cam Ranh Bay, but it can not oppose Beijing alone. Vietnam and China have competing claims in the South China Sea, which has been of increasing concern to Hanoi.

Florida Senate to Vote On Safety Bill Monday Florida Senate to Vote On Safety Bill Monday After almost eight hours of debate on the attempted amendments, Sen. "We know he can veto line items", she said. In the Senate, racial and privacy concerns have apparently shelved the bill in the Appropriations Committee.

Carlos Carvalhal proud after "best performance" since taking charge Carlos Carvalhal proud after David Moyes' side have won 30 points from 28 games so far this season - they are just three points above the relegation zone.

Harassment Allegations Against Ryan Seacrest Could Cause Oscars Red Carpet Delay Harassment Allegations Against Ryan Seacrest Could Cause Oscars Red Carpet Delay According to Deadline , Hardy underwent years of harassment while she worked with Seacrest. I am not a judge. "I am not a jury ... that is where this stuff gets tricky".