Photo: Simon Dawson/Bloomberg via Getty Images

Broadcom said it is "disappointed" that a shareholder meeting — where it hoped to gain control of Qualcomm's board — will be delayed by a U.S. government inquiry requested by Qualcomm itself.

Why it matters: Broadcom has been seeking control of Qualcomm's board in order to force consideration of its takeover bid, which has thus far been rejected. The shareholder meeting was originally slated for Tuesday.

The Committee on Foreign investment in the U.S (CFIUS). which is reportedly now looking into the issue, is a government panel tasked with looking into overseas investments in U.S. companies. It typically doesn't weigh a transaction until a deal is reached. (TechCrunch has a good explainer on CFIUS here.)

Government action: The government said that a 30-day delay will allow CFIUS "the ability to investigate fully Broadcom’s proposed acquisition of Qualcomm."

  • Last week Axios reported on how Sen. John Cornyn (R-TX) had asked Treasury for a Committee on Foreign Investment (CFIUS) review prior to Tuesday's vote, which would have asked Qualcomm shareholders to pick between director slates proposed by each company. Axios also has seen similar letters sent by Rep. Duncan Hunter (R-CA) to both President Trump and Defense Secretary Mattis.
  • The WSJ's editorial board reported just last night that CFIUS had declined to conduct such a review, which seems to have been incorrect.
  • Broadcom is accusing Qualcomm of surreptitiously asking for a review. No response yet from Qualcomm, but don't be surprised if it takes exception to the claim.

History lesson: Broadcom made a $103 million bid for Qualcomm back in November, which Qualcomm's board rejected. That prompted Broadcom to move in December to seek control of Qualcomm's board.

Also: Qualcomm today extended its tender for NXP Semiconductors to market close Friday. Remember that Qualcomm recently raised the price to both appease NXP shareholders and also to poison the waters for Broadcom.

Go deeper

Updated 28 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 19,172,505 — Total deaths: 716,327— Total recoveries — 11,608,417Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 4,902,692 — Total deaths: 160,394 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Trump floats executive action even if stimulus deal is reached.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus.
  6. World: Africa records over 1 million coronavirus cases.

General Motors tries to revive incendiary lawsuit vs. Fiat Chrysler

Illustration: Eniola Odetunde/Axios

General Motors is trying to revive an incendiary lawsuit against Fiat Chrysler Automobiles with explosive new allegations including bribes paid from secret offshore bank accounts and a union official acting as a double agent between the two automotive giants.

Why it matters: The extraordinary legal battle is occurring amid earth-shaking changes in the global auto industry that threaten to turn both litigants into dinosaurs if they aren't nimble enough to pivot to a future where transportation is a service, cars run on electrons and a robot handles the driving.

3 hours ago - Health

Cuomo says all New York schools can reopen for in-person learning

Gov. Cuomo on July 23 in New York City. Photo: Jeenah Moon/Getty Images

New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.