U.S. Orders Qualcomm to Delay Meeting for Review of Broadcom Offer [telecom]

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U.S. Orders Qualcomm to Delay Meeting for Review of Broadcom Offer

Move represents a highly unusual intervention by Washington

By Stu Woo

The U.S. government ordered Qualcomm Inc. to delay its shareholder meeting this week to provide it more time to review rival Broadcom Ltd.'s proposed $117 billion takeover of the chip maker.

The move, which Broadcom said was a response to a request by Qualcomm, represents a highly unusual intervention by Washington and will delay Broadcom's proxy fight for control of Qualcomm's board. Qualcomm's shareholders were set to vote on whether to replace six of its 11 directors with nominees put forward by Broadcom.