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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

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.

3 hours ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.