Monday, March 19, 2018

Qualcomm Pushes Jacobs From Board

San Diego-based Qualcomm said late Friday that Dr. Paul Jacobs--the company's former CEO and Chairman--will not be re-nominated to its board of directors, as a result of his notification to that board that he is exploring the possibility of making a proposal to acquire Qualcomm. According to Qualcomm, it had not yet received an offer from Jacobs to acquire the company. Jacobs had said he would be proposing a "go private" deal for Qualcomm last week. The efforts come after a proposed acquisition of Qualcomm by Broadcom was shot down by the White House. Qualcomm said that, after the withdrawal of Broadcom's takeover proposal, Qualcomm is focused on "executing its business plan and maximizing value for shareholders as an independent company."