Qualcomm accuses Broadcom of lying
Illustration: Rebecca Zisser / Axios
The hostile takeover battle between Broadcom and Qualcomm keeps getting nastier, with the latter now accusing the former of lying about a U.S. national security review into the proposed tie-up:
Broadcom’s claims that the [Committee on Foreign Investment in the U.S.] inquiry was a surprise to them has no basis in fact. Broadcom has been interacting with CFIUS for weeks and made two written submissions to CFIUS.— Qualcomm statement
But, but but... Broadcom didn't exactly say it was surprised by the inquiry. It said it was unaware that the inquiry had been at Qualcomm's behest — something not directly addressed in Qualcomm's rebuttal.
Bottom line: Qualcomm says it will delay Tuesday's planned shareholder meeting by "at least 30 days." That means Broadcom's plan to stack Qualcomm's board with sympathetic directors is in limbo.