Qualcomm headquarters
Qualcomm’s headquarters in Sorrento Valley. Photo via Reuters

A shareholders meeting scheduled for Tuesday that could have given Broadcom control of Qualcomm was postponed 48 hours to allow for a national security review.

Singapore-based Broadcom said it was informed Sunday night that Qualcomm had filed a request with the inter-governmental Committee on Foreign Investment in the United States to initiate an investigation.

“This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting for Broadcom’s independent director nominees,” Broadcom said in a statement.

Qualcomm said Broadcom’s response to the delay “is a continuation of its now familiar pattern of deliberately seeking to mislead shareholders and the general public by using rhetoric rather than substance to trivialize and ignore serious regulatory and national security issues.”

The San Diego-based company’s stock was trading at $64, down about 1 percent, on Monday morning.

Broadcom is seeking to take over the wireless pioneer with a cash and stock offer of $79 per share. Qualcomm’s board has repeatedly rejected the offer, so Broadcom is asking shareholders to elect a new board.

Broadcom, which was created through a series of mergers of semiconductor companies, said it is on track to become based in Silicon Valley by the end of its fiscal second quarter ending May 6.

Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.