Qualcomm discussing Jacobs leaving board of directors
17 March 2018, 01:55 | Andres Norman
A Qualcomm sign at its campus in San Diego
Jacob's offer comes days after President Trump blocked a hostile takeover of the company by its Singaporean competitor Broadcom.
Qualcomm Inc's board of directors was meeting on Friday to discuss former chairman Paul Jacobs leaving its board after he informed the US semiconductor company he was exploring ways to acquire it, people familiar with the matter said on Friday.
"The board reached that decision following his notification to the board that he has chose to explore the possibility of making a proposal to acquire Qualcomm", the company said in a statement after financial markets closed in NY.
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Jacobs agreed with Qualcomm's board that Broadcom's bid undervalued the company and was fraught with regulatory risks.
Qualcomm also confirmed earlier reporters that Jacobs, its former CEO and chairman, is looking to acquire the company. (QCOM), has approached several investors in a bid to buy the chipmaker, which he once ran and was founded by his father, the Financial Times reported.
Jacobs owns less than 0.5 percent of Qualcomm, according to data compiled by Bloomberg. Proxy advisory firm ISS on Wednesday recommended to Qualcomm shareholders that they vote for Broadcom's four nominees on Qualcomm's 11-person board, even though their nominations have been withdrawn, as a form of protest. For an individual, raising the money needed to complete a leveraged buyout of more than $100 billion would be challenging to say the least, particularly if funding sources are restricted to the US due to regulatory scrutiny on overseas chip deals. A deal to take the wireless pioneer private would require around $90 billion, and perhaps saddle the company with debt.
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