The US government has ordered chipmaker Qualcomm to delay a forthcoming shareholder meeting by 30 days as it investigates whether a proposed takeover by a Singapore-based rival Broadcom would put national security at risk.
Company shareholders were set to vote today on whether to replace six of its directors with candidates put forward by Broadcom, which is seeking to force through a $142bn takeover — the biggest tech deal to date.
The US Treasury department, which leads an inter-agency regulator called the Committee on Foreign Investment in the United States, said that a 30-day delay of the vote “will afford Cfius the ability to investigate fully Broadcom’s proposed acquisition of Qualcomm”.
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