Qualcomm Sets New Date for Annual Meeting

Qualcomm Inc. (QCOM) set a date for its postponed annual meeting late Monday, after announcing that a government body required a delay of at least 30 days.

The mobile chipmaker moved its shareholder meeting from March 6 to April 5, saying that an order from the Committee on Foreign Investment in the United States required the move to investigate a hostile bid from Broadcom Ltd. (AVGO) .

Early on Monday, Broadcom complained that Qualcomm had "secretly" filed for CFIUS to review its unsolicited bid of $79 per share. Broadcom is based in Singapore, but said last November that it will change its domicile to the U.S., which would seem to moot concerns about a foreign buyer.

Broadcom would pay Qualcomm equity holders $118 billion, making it the largest tech deal ever. The total value of the bid comes to $143 billion to $149 billion, depending on the amount of debt Qualcomm has on its books if it completes the NXP deal.

Qualcomm, which is acquiring NXP Semiconductors NV (NXPI) for $45 billion, has said the bid undervalues the company and raises excessive regulatory risk.

The delayed shareholder meeting gives each side a chance to present its case to Qualcomm shareholders. Broadcom has nominated six directors for Qualcomm's 11-seat board, which would give it majority control.

Editor's note: This article was originally published by The Deal, a sister publication of TheStreet that offers sophisticated insight and analysis on all types of deals, from inception to integration. Click here for a free trial.

Jim Cramer and the AAP team hold positions in Broadcom for their Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AVGO? Learn more now.

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