Qualcomm Drops Jacobs From Board After Bid Chatter

Qualcomm's board claps back after news of Paul Jacobs's possible bid for the company emerges.

Dan Jones, Mobile Editor

March 16, 2018

1 Min Read
Qualcomm Drops Jacobs From Board After Bid Chatter

The Qualcomm takeover soap opera continues apace, with Qualcomm announcing Friday night that former executive chairman Paul Jacobs will not be re-nominated to the board after it emerged he is looking into raising money to bid on the company.

"Paul Jacobs will not be re-nominated to the Qualcomm Board of Directors at Qualcomm's Annual Meeting of Stockholders on March 23, 2018," the company said in a statement. "The Board reached that decision following his notification to the Board that he has decided to explore the possibility of making a proposal to acquire Qualcomm."

Jacobs resigned as executive chairman of the board on March 9, during Broadcom's ultimately unsuccessful $117 billion bid for Qualcomm.

The Qualcomm snub comes after it emerged that Jacobs, son of Qualcomm Founder Irwin Jacobs, was reportedly talking to SoftBank Corp. -- and others -- about raising money for a bid. (See Ex-Qualcomm CEO Jacobs Plots Bid for Company – Reports .)

The latest news caps a tumultuous week for Qualcomm Inc. (Nasdaq: QCOM), after President Trump blocked a $117 billion acquisition bid by Broadcom Corp. (Nasdaq: BRCM) on national security concerns. (See Trump Blocks Broadcom's Qualcomm Acquisition .)

Qualcomm's shares are up $0.53 at $61.15 in after-hours trading Friday.

— Dan Jones, Mobile Editor, Light Reading

About the Author

Dan Jones

Mobile Editor

Dan is to hats what Will.I.Am is to ridiculous eyewear. Fedora, trilby, tam-o-shanter -- all have graced the Jones pate during his career as the go-to purveyor of mobile essentials.

But hey, Dan is so much more than 4G maps and state-of-the-art headgear. Before joining the Light Reading team in 2002 he was an award-winning cult hit on Broadway (with four 'Toni' awards, two 'Emma' gongs and a 'Brian' to his name) with his one-man show, "Dan Sings the Show Tunes."

His perfectly crafted blogs, falling under the "Jonestown" banner, have been compared to the works of Chekhov. But only by Dan.

He lives in Brooklyn with cats.

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