The seemingly never-ending saga involving Action Alerts Plus holding Broadcom Ltd.'s (AVGO) - Get Report hostile bid and proxy war to take control of Qualcomm Inc. (QCOM) - Get Report came to a definitive close on Wednesday. The unsolicited bidder, Broadcom, announced that it had terminated its $79 a share offer for Qualcomm. The chip-maker also withdrew a change-of-control slate of director nominees it had up for election to Qualcomm's board.
Throughout the turmoil, the potential deal-makers faced agitating activist hedge funds, a boardroom brawl, a drawn-out Qualcomm-NXP deal, Intel (INTC) - Get Report interest and a complicated recommendation by a critical shareholder adviser. And oh yes, a final move by the U.S. government intervening to block the deal over national security interests, but doing so in an unprecedented fashion.
As such, we thought it would be a good idea to look back at key rounds in this four-plus-month slugfest. Here's a play by play analysis from the early behind-the-scenes beginnings, through the fights escalations and finally its conclusion.