CFIUS Forces Qualcomm To Postpone Its AGM – Delays Broadcom’s Takeover Push

Qualcomm was supposed to hold its Annual General Meeting (AGM) today but the company has announced that this meeting has been postponed until April 5. Qualcomm said shareholders’ registration dates remain unchanged and all shareholders registered as of January 8, 2018 are eligible to vote at a general meeting.

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In the Qualcomm Annual General Meeting scheduled for March 6, the shareholders will vote for the board members some of which was nominated by Broadcom.  Broadcom is trying to gain control of Qualcomm’s board so as to have a seamless takeover. However, just before the general meeting, the Committee on Foreign Investment In The United States (CFIUS) issued a provisional order demanding Qualcomm to postpone its annual shareholders’ meeting. This is to give CFIUS time to examine the impact of foreign investment in the United States on national security. This measure gives the U.S. Foreign Investment Commission enough time to investigate the takeover bid between Broadcom and Qualcomm.

Although the shareholders meeting was postponed, Broadcom still has hope to acquire Qualcomm. As of now, Broadcom’s nominees are gaining popularity amongst Qualcomm shareholders.

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