Qualcomm Drops Jacobs From Board After Bid Chatter

Dan Jones

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

(1)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
3/19/2018 | 7:26:30 AM
I've always said that he should drop him earlier!!