Qualcomm faces a challenging future despite dodging Broadcom’s bullet

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After months of listening to Broadcom say flattering things about Qualcomm during its hostile takeover bid, it’s tempting to see Qualcomm as a prized jewel bursting with potential. But now that Broadcom’s pursuit has been permanently blocked due to national security concerns, it’s worth remembering that Qualcomm is a company with…Read More
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Presidential order bans Broadcom’s proposed acquisition of Qualcomm

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The Broadcom-Qualcomm deal is dead, forbidden by a presidential order. It is a permanent ban that forbids any future acquisition, merger or deal with similar consequences. Broadcom’s nominee’s for the Qualcomm board of directors have been disqualified by the same order. The presidential order cites “credible evidence” that the deal might threaten national security. It does not go into detail, but the Committee on Foreign Investment in the US (CFIUS) said that Qualcomm’s leadership in wireless patents for 5G are key to national security. If Qualcomm is impeded in its R&D, Chinese companies…

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President Trump signs executive order blocking Broadcom’s acquisition of Qualcomm

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Broadcom attempted to purchase Qualcomm back in November, in what would be the single largest takeover of a chipmaker ever. The initial offer was declined by Qualcomm’s board of directors, as was every subsequent counter offer. In response, Broadcom attempted to replace some of Qualcomm’s board, allowing the purchase to be finalized. After months of turmoil, the White House has officially blocked the acquisition with a new executive order.

According to Bloomberg, President Trump signed the executive order based on advice from the Committee on Foreign Investment.

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President Trump signs executive order blocking Broadcom’s acquisition of Qualcomm was written by the awesome team at Android Police.

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Trump Prohibits Broadcom’s Takeover of Qualcomm Due to National Security Concerns

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United States President Donald Trump this afternoon issued an executive order blocking Broadcom from acquiring Qualcomm in a deal that would have been worth more than $117 billion, reports Bloomberg.

The president’s order came following a recommendation from the Committee on Foreign Investment (CFIUS) in the United States, despite Broadcom’s efforts to save the proposed transaction over the course of the last few weeks. U.S officials believed Broadcom’s acquisition of Qualcomm, which has been under investigation by the CFIUS, could threaten national security.


The CFIUS previously said that a Broadcom acquisition of Qualcomm could undermine Qualcomm’s leadership in 5G wireless technology, allowing China’s Huawei to become the dominant 5G provider in the world. Broadcom, a Singapore-based company, promised not to sell Qualcomm 5G assets, announced plans to redomicile in the United States, and pledged to invest billions in the United States, but that did not ease regulators’ concerns.

“There is credible evidence that leads me to believe that Broadcom Ltd.” by acquiring Qualcomm “might take action that threatens to impair the national security of the United States,” Trump said in the order released Monday evening in Washington.

Trump also said that “any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited.”

Broadcom first made an offer to acquire Qualcomm for $70 per share in cash and stock back in November of 2017, marking the proposal of the “largest technology acquisition ever, which Qualcomm turned down.

Qualcomm also turned down subsequent offers of $121 billion and $117 billion, and had not agreed to the acquisition at the time that it was blocked by Trump. Broadcom had been attempting to add merger-friendly individuals to Qualcomm’s board, but today’s order makes it clear that no merger or acquisition between the two companies will be allowed.

Broadcom may intend to fight the order as earlier today, the company said in a statement that U.S. national security concerns are not a risk as “Broadcom never plans to acquire Qualcomm before it completes redomiciliation.

Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Politics, Religion, Social Issues forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

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Trump blocks Broadcom’s attempted takeover of Qualcomm

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Broadcom's hopes of acquiring Qualcomm might have been quashed for good. President Trump has issued an order blocking Broadcom's proposed takeover and anything "substantially equivalent" to it over concerns that it might "impair the national securit…
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Broadcom’s Qualcomm takeover plans pose national security risk, US Treasury says

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The U.S. government considers there to be possible national security risks in Broadcom’s proposed $ 117 billion acquistion of Qualcomm, enough to warrant a full-scale investigation, the U.S. Treasury’s deputy assistant secretary for investment security said in a letter to the two Apple suppliers.
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Recode Daily: The Trump administration delays Singapore chipmaker Broadcom’s hostile takeover bid for U.S. chipmaker Qualcomm

How Complete Beginners are using an ‘Untapped’ Google Network to create Passive Income ON DEMAND

Plus, Washington state defies the FCC by enacting its own net neutrality protections, Silicon Valley VCs visit the Midwest by (luxury) bus, and the billionaire who gave it all away.

You have probably been ignoring the $ 117 billion takeover fight between Broadcom and Qualcomm, but now the Trump administration is paying attention. That’s because chip-maker Broadcom is based in Singapore and Qualcomm is based in San Diego, and the White House isn’t sure an Asian buyer should own a big, U.S. tech company. Qualcomm management agrees, and has been fighting off Broadcom’s advances for months. This week a secretive government panel called the Committee on Foreign Investment in the United States moved to stall the takeover for 30 days while it reviews the deal. [The New York Times]

Washington is the first state to enact its own net neutrality protections.In direct defiance of the FCC’s December decision to repeal the Obama-era regulations, Gov. Jay Inslee signed a bill requiring internet providers to treat all lawful content the same in Washington state. Lawmakers in more than 25 states have introduced their own net neutrality legislation. Meanwhile, tech companies including Etsy, Expa, Kickstarter, Automattic, Foursquare and Shutterstock filed a petition against the FCC’s action; in January, the Internet Association, representing Amazon, Google and Facebook, joined an existing lawsuit against the FCC. [Monica Nickelsburg / GeekWire]

Amazon is expanding free Whole Foods delivery to San Francisco and Atlanta. It’s a signal that Amazon is moving quickly to integrate Whole Foods, which it purchased last year, into the regular shopping habits of Prime customers. Another possible perk for Prime customers: An Amazon-branded checking account. [Jason Del Rey / Recode]

Disney went in-house to find a new head of ESPN, hiring consumer products boss Jimmy Pitaro, who steps into the vacancy created in December when former John Skipper resigned. ESPN is both huge and troubled: Its subscriber base is in decline as audiences cut the cord or don’t sign up for cable in the first place, but ESPN is on the hook for costly sports programming deals. [Peter Kafka / Recode]

Silicon Valley is over, says Silicon Valley: Led by Ohio Democratic Rep. Tim Ryan, about a dozen venture capitalists recently took a three-day luxury bus trip through the Midwest, which was pitched as a kind of Rust Belt safari — a chance for Silicon Valley investors to meet local officials and look for promising startups in overlooked areas of the country. A growing number of tech leaders have been flirting with the idea of leaving Silicon Valley, and by the end of the “Comeback Cities Tour,” some of the coastal elites had caught the heartland bug. [Kevin Roose / The New York Times]

Pharma-fraud Martin Shkreli has to forfeit $ 7.36 million — and his one-of-a-kind Wu-Tang Clan album — as part of his upcoming criminal sentence. Shkreli gained widespread infamy after he raised the price of a drug used to treat some pregnant women, babies and people with HIV by more than 5,000 percent, from $ 13.50 per pill to $ 750 per pill. He will be sentenced on Friday. [Dan Mangan / CNBC]


Recode Presents …

Recode will be podcasting live from SXSW next week — and if you’re in Austin, you’re invited.Vox Media is taking over The Belmont for three days of live podcasts and musical spotlights, including live tapings of our popular podcasts Recode Decode, hosted by Kara Swisher and Recode Media with Peter Kafka. On Saturday, March 10, Kafka interviews Jason Blum, the innovative Hollywood producer behind such hits as “Paranormal Activity” and “Get Out,” which just won director Jordan Peele an Oscar for Best Original Screenplay. Also on Saturday, Swisher talks with Michelin-star-studded chef José Andrés about his humanitarian venture, World Central Kitchen, and the role that social media and food can play in post-disaster community building. While you’re there, check out Polygon’s vintage arcade, or just hang out on our patio. You can RSVP here.


Top stories from Recode

Reddit says Russian propaganda was shared by “thousands” ahead of the 2016 election.

The social news site didn’t find any Russian ads about the election, but there was plenty of non-ad content being shared.

Venture capitalist Ilya Fushman is jumping from Index Ventures to Kleiner Perkins as a general partner.

It’s a coup for Kleiner, which has been rife with turnover.

Pennsylvania is suing Uber for up to $ 13.5 million in penalties for failing to disclose its 2016 data breach quickly enough.

State Attorney General Josh Shapiro said the company violated Pennsylvania’s Breach of Personal Information Notification Act.

Coinbase now has an M&A boss. What sorts of things would Emilie Choi like to acquire?

A cyptocurrency company could do some fairly outside-the-box acquisitions.

Do you have questions about cryptocurrency, ICOs or blockchain?

Now’s the time to get them answered: Kara Swisher and Lauren Goode will be talking to a crypto expert on this week’s Too Embarrassed to Ask podcast, so send all your questions to TooEmbarrassed@recode.net.

This is cool

The billionaire who gave it all away.


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‘Blatant, desperate’ CFIUS investigation request postpones Broadcom’s $117B Qualcomm bid

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The U.S. Treasury Department’s Committee on Foreign Investment (CFIUS) has ordered Apple supplier Qualcomm to delay a shareholders meeting 30 days, postponing — if not potentially derailing — Broadcom’s attempted $ 117 billion hostile takeover.
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Qualcomm rejects Broadcom’s revised takeover bid

Broadcom will have to try again in its bid to take over Qualcomm. The Snapdragon chip-maker has rejected a revised proposal to buy all of its outstanding shares, stating that it "materially undervalues Qualcomm and falls well short of the firm regula…
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Qualcomm rejects Broadcom’s revised buyout offer

Last week Broadcom made its final offer to acquire Qualcomm at a value of $ 121 Billion, which is $ 82 per share which consist of $ 60.00 in cash and $ 22.00 per share in Broadcom  stocks. Qualcomm today announced that its Board of Directors unanimously rejected the unsolicited proposal by Broadcom. This comes after the first offer that was made by Broadcom got rejected by Qualcomm back in November and in December it rejected directors nominated by Broadcom to replace the Qualcomm’s existing board of directors. Broadcom says that the proposal materially undervalues Qualcomm and falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction. Qualcomm said that it would like to meet Broadcom to see if it can address the serious deficiencies in value and certainty in its proposal. In a letter to Hock Tan, President and Chief Executive Officer, Broadcom Limited, Qualcomm Board, said: The Board has unanimously determined that your amended offer materially undervalues Qualcomm and falls well short of the firm regulatory commitment the Board would demand given the significant downside risk of a failed transaction. However, the Board is committed to exploring all options for maximizing shareholder value, and so we would be prepared to meet with you to allow you to explain how you …
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