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.
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