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Bloomberg
Broadcom Ltd formally abandoned its attempt to acquire rival chipmaker Qualcomm Inc. after US President Donald Trump blocked the deal citing national security risks.
“Although we are disappointed with this outcome, Broadcom will comply,†the company said, bringing to an official end to a months-long battle to land the tech industry’s biggest ever deal.
Singapore-based Broadcom said it will continue to move forward with its plans to shift its official headquarters back to the US. The company has also withdrawn its slate of independent director nominees for Qualcomm’s board. The retreat ends CEO Hock Tan’s most ambitious move yet in his efforts to build a chip empire, after leading Broadcom through a string of deals that have reshaped the $400 billion semiconductor industry.
The company launched its unsolicited bid in November and was quickly and repeatedly rebuffed by Qualcomm’s management and board.