President Trump on Monday blocked Singapore-based Broadcom’s $117 billion bid to take over Qualcomm, citing national security concerns.
“There is credible evidence that leads me to believe that Broadcom Limited…through exercising control of Qualcomm Incorporated, a Delaware Corporation, might take action that threatens to impair the national security in the United States,” Trump wrote in an executive order.
“The proposed takeover of Qualcomm by the purchaser is prohibited, and any substantially equivalent merger, acquisition, or takeover, whether effected directly or indirectly, is also prohibited,” he continued.
Lawmakers such as Congressman Duncan Hunter (R-CA), have long been sounding the alarm on the potential takeover.
Source: Town Hall