Qualcomm's ex-chairman will leave company and plans to take company private

Broadcom Withdraws Its Bid To Acquire Qualcomm

The deliberations come after Mr. Jacobs, its former chief executive and the son of Qualcomm's co-founder, indicated to directors that he would like to explore a bid for the company, the people said.

Broadcom has officially withdrawn its $117 billion bid to acquire its rival chipmaker Qualcomm. The board largely agreed with Jacobs that Broadcom's bid was too low.

In the midst of the Broadcom takeover maneuvers, Qualcomm announced that Jacobs would no longer be executive board chairman, though he would retain a seat on the board. CFIUS had questioned the deal, and Trump in his March 12 order wrote that there was "credible evidence" that the acquisition "threatens to impair the national security of the United States".

The semiconductor company did not give specific reasons for the departure of Paul Jacobs but said it wanted to stay independent and continue with its business plans. I am glad the board is willing to evaluate such a proposal, consistent with its fiduciary duties to shareholders. That is about 16.5 percent of NXP shares, though a week earlier Qualcomm executives said that 19 percent of shares had been tendered, indicating a dwindling interest among shareholders.

Qualcomm also confirmed earlier reporters that Jacobs, its former CEO and chairman, is looking to acquire the company.

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Jacobs has held talks with several investment firms, including SoftBank Group Corp's Vision Fund, but has so far been unable to secure the necessary financing, the three sources added. If that happened, the Japanese technology giant would support the transaction as a minority shareholder, according to a person familiar with the situation.

On Tuesday, Mr Jacobs sent the board a letter saying he wanted to explore taking the chipmaker private and he meant to talk to potential funding sources, according to people briefed on the situation, who declined to be named because the discussions were confidential.

The idea has been been largely dismissed by analysts, because it would be expensive and could by blocked by the USA government, like Broadcom's failed bid. Paul Jacobs holds about 1.3 million shares of Qualcomm, less than 0.1 percent of outstanding shares, according to Qualcomm's security filings.

In aiming to take Qualcomm private, Mr Jacobs would be following a playbook used by Michael Dell. Now the board will consist of 10 directors at the upcoming annual meeting.

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