Broadcom: Qualcomm's Secret Filing Brings "engagement Theater" To New Low

(RTTNews) - Broadcom Limited (AVGO) announced the company was informed on Sunday night that on January 29, 2018, Qualcomm secretly filed a voluntary request with CFIUS to initiate an investigation, resulting in a delay of Qualcomm's Annual Meeting 48 hours before it was to take place.

"This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom's independent director nominees. It is critical that Qualcomm stockholders know that Qualcomm did not once mention submitting a voluntary notice to CFIUS in any of its interactions with Broadcom to date, including in the two meetings on February 14, 2018 and on February 23, 2018. This brings Qualcomm's "engagement theater" to a new low, " Broadcom said.

Broadcom said the company is fully committed to cooperating with CFIUS in any review. On November 2, 2017, the company made a public commitment to redomicile to the United States and this process is well underway. Upon completion of the redomiciliation, Broadcom's proposed acquisition of Qualcomm will not be a CFIUS covered transaction.