Broadcom withdraws Qualcomm takeover bid after Trump's order

Finally, Broadcom has decided to withdraw its takeover bid for Qualcomm after POTUS blocked the deal for security reasons. Trump issued an order where he stated that there is credible evidence that if Broadcom takes over Qualcomm, the company "might take action that threatens to impair the national security of the United States."

The long saga began last year when Broadcom decided to take over Qualcomm and the chipmaker rejected the offer. A month later Broadcom once again offered to take over Qualcomm by submitting $121 billion bid. However, Qualcomm once again rejected the deal. Broadcom said in a statement it was disappointed with the outcome but would comply. That marks a turnaround from two days ago when Broadcom said that it “strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns.” Trump’s order gave it little room to move, though, unless the company was willing to contest the ban in court.

Broadcom said, "Broadcom’s board of directors and management team sincerely appreciate the significant support we received from the Qualcomm and Broadcom stockholders throughout this process."

Broadcom said that it was disappointed as it withdrew its proposed candidates for the board at Qualcomm, but the plans to move its headquarters to the US will move forward.