Broadcom Withdraws Offer To Buy Qualcomm After Presidential Order - Quick Facts

(RTTNews) - Broadcom Ltd. (AVGO) announced Wednesday it has withdrawn and terminated its hostile offer to acquire Qualcomm Inc. (QCOM). It has also withdrawn its slate of independent director nominees for Qualcomm's 2018 Annual Meeting of Stockholders.

The move follows the receipt of a Presidential Order that called for the immediate and permanent abandonment of the proposed $117 billion deal for the takeover of Qualcomm by Broadcom amid national security concerns.

Broadcom said it will continue to move forward with its redomiciliation process and will hold its Special Meeting of Stockholders as planned on March 23, 2018.

Broadcom's Board of Directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process.