Mar 16, 2018

Paul Jacobs won't stay on Qualcomm board as he pursues possible bid

Ina Fried, author of Login

Paul Jacobs. Photo: Qualcomm

Paul Jacobs, who until last week was Qualcomm's chairman, is leaving its board as he pursues a bid for the company.

Why it matters: Jacobs is making a long shot play to take over the company his dad co-founded.

Qualcomm said its board decided not to re-nominate Jacobs, a former CEO and the son of Qualcomm co-founder Irwin Jacobs.

"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," the company said in a statement.

Busy time: The board-level changes come after the U.S. government blocked Broadcom's unsolicited bid for Qualcomm. The company still has a lot on its plate, including a yet-to-be-completed tender offer for NXP Semiconductors, a bitter legal battle with Apple and various antitrust issues.

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