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While Tan may take a moment to consider how best to use his capital, acquisitions likely run too deeply in his DNA to give up on looking for targets.
The president's rejection of a hostile bid for Qualcomm makes Broadcom CEO Hock Tan's acquisition plans more difficult. But don't expect Tan to change his strategy.
Jeff Smith's fund is one of only a small group of activist investors who have succeeded at taking over the entire boards of targeted companies.
Should Smith move to install directors there is a good chance he will succeed -- and push for M&A.