Broadcom has confirmed it is terminating its attempted acquisition of rival chipset giant Qualcomm, after an order from U.S. President Donald Trump blocked the takeover.
The company released the following statement on March 14th: “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.”
The Trump order arrived on March 12th, and stated there was “credible evidence,” that if Broadcom, currently based in Singapore, took control of the U.S.-based Qualcomm, the company “might take action that threatens to impair the national security of the United States.”
Broadcom had been attempting to purchase Qualcomm since November 2017. Though Qualcomm, the company behind the massively popular Snapdragon chipset line, repeatedly refused the offers, Broadcom made a slate of board of director nominations in an attempt to launch a hostile takeover.