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