The protracted take-over tussle between Qualcomm and Broadcom ended earlier this week with the US government forbidding the deal citing security reasons. While the tussle was on,Ā Paul Jacobs, son of Qualcomm’s co-founder Irwin Jacobs stepped down as the Chairman of the board and he was replaced byĀ Jeffrey Henderson. Even though Jacobs was no longer the chairman, he was still a member of the board. However, things took a new twist for Jacobs after he vehemently stated his desireĀ to pursue a potential buyout.
At a board meeting held on Friday, Jacobs said
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āthere are real opportunities to accelerate Qualcommās innovation success and strengthen its position in the global marketplaceā, and that these opportunities must be pursued as a āprivate company.ā
Members of the board stated that Jacobs cannotĀ perform hisĀ duties as director and prepare a bid for the company at the same time. Jacobs argued that both tasks have no relationship whatsoever and insisted that he will be fine but theĀ board put it to a vote and the ex-chairman lost. According to a statement by the company, Paul Jacobs will not beĀ nominated to the board again. It will take a lot of cojones and ambition for the ex-chairman’s bid for the company to be successful because as of now, he own’s a paltryĀ 0.13% of Qualcomm. The company is currently valued atĀ $90 billion and Jacobs will have to come up with a better figure for his proposal to pull through.
