Qualcomm CEO Steven Mollenkopf. Photo by Chris Stone

Qualcomm announced Monday it will delay its annual stockholders meeting from March 6 until April 5 due to the federal government’s national security review of Broadcom‘s hostile takeover attempt.

The San Diego-based wireless pioneer said the delay is “pursuant to an interim order received on March 4, 2018, from the Committee on Foreign Investment in the United States.” The committee is an inter-governmental group managed by the Treasury Department.

Singapore-based Broadcom has offered $79 per share in cash and stock to acquire Qualcomm and launched a proxy battle to elect its own board members at the shareholders meeting in San Diego.

Qualcomm said the meeting will be opened on March 6 at 8 a.m. and immediately adjourned to April 5.  There will be no voting or other matters conducted at the meeting.

The company said shareholders of record on Jan. 8 will be entitled to vote at the meeting and those who have previously cast their votes by mail may change them.

Broadcom has said it will complete a headquarters move to Silicon Valley during its fiscal second quarter ending May 6.

The national security review stems from Qualcomm’s leadership of 5G wireless technology. The company has promised the first 5G-compatible smartphones using its technology will be introduced in 2019.

Qualcomm shares closed at $64.01 on Wall Street, down 73 cents.

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Chris Jennewein

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