Broadcom Buyout Of Qualcomm Looking Doubtful After Federal Probe

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The letter emphasized the classified nature of some of CFIUS's concerns, including Broadcom's relationships with "third party foreign entities".

CFIUS, an interagency regulator led by the Treasury Department, has launched an investigation into the proposed acquisition.

Qualcomm stated on 5 March that "Broadcom's claims that the CFIUS inquiry was a surprise to them has no basis in fact". The U.S. Treasury's Committee on Foreign Investment in the United States (CFIUS) sent a letter to two Broadcom lawyers on Monday, outlining some issues it had with the deal.

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USA regulators are looking closely at Broadcom's offer for Qualcomm.

The CFIUS is comprised of officials from multiple cabinet agencies and is tasked with investigating potential national security threats from foreign business deals in the U.S.

"This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom's independent director nominees", Broadcom said in a statement. "Chinese companies, including Huawei [Technologies], have increased their engagement in 5G standardization working groups as part of their efforts to build out a 5G technology".

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"Having a well-known and trusted company hold the dominant role that Qualcomm does in the US telecommunications infrastructure provides significant confidence in the integrity of such infrastructure as it relates to national security".

CFIUS asked Qualcomm to delay the Broadcom takeover vote which was supposed to happen on Tuesday. The panel also advised against a deal between Chinese-backed private equity firm Canyon Bridge and US chipmaker Lattice Semiconductor Corp, leading president Trump to block the proposal in September 2017.

Qualcomm management has repeatedly said it's being undervalued by Broadcom - adding that any deal could be rejected by the government on antitrust grounds.

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Before Broadcom disclosed its buyout offer for Qualcomm in November, Trump himself announced Broadcom's plan to shift its headquarters back to the United States after a White House meeting with CEO (chief executive officer) Hock Tan, a Malaysia-born businessman. Broadcom is based in Singapore.