Former Chairman Of Qualcomm Reportedly Seeks Funding For Buyout

Broadcom, the Singapore-based chip company that Trump, on grounds of national security, prevented from taking control of Qualcomm in a hostile takeover, officially pulled its $117 billion bid for Qualcomm on Wednesday.

Qualcomm will not renominate its former chairman Paul Jacobs to the board of directors, the company announced Friday.

Jacobs has informed Qualcomm's board of his plans and approached companies including Japan'sSoftBank Group to become one of the investors, the FT reported. This is likely to remove any conflict of interest that might occur if Jacobs could participate in both sides of the negotiation process. U.S. President Donald Trump blocked the deal earlier this week. The idea has been been largely dismissed by analysts, because it would be expensive and could by blocked by the US government, like Broadcom's failed bid. That's because he's looking at buying out the company his father, Irwin Jacobs, co-founded, San Diego-based Qualcomm said.

More news: Despite Mueller's Push, House Republicans Declare No Evidence of Collusion

Mr Jacobs, whose father co-founded Qualcomm, stepped down as chairman of the United States chipmaker less than. 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.

And if Jacobs does make a run at the company, the board will evaluate it consistent with its fiduciary duties.

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