Qualcomm's Jacobs to leave board as he explores acquisition

Reuters

Reuters

The longtime Qualcomm director has informed members of the board about his plan to launch a buyout, according to three people with direct knowledge about the matter.

Qualcomm also confirmed earlier reporters that Jacobs, its former CEO and chairman, is looking to acquire the company.

By coincidence, let's meet Dr. Paul Jacobs. Apparently, Jacobs was pretty vocal at the meeting and reiterated his wish to pursue a potential buyout after making the same proposition in a letter to the board on Tuesday.

Earlier this week, U.S. President Donald Trump blocked Broadcom Ltd.'s hostile $117 billion bid for Qualcomm, saying the combination would result in reduced research and development spending, in turn compromising U.S. competitiveness. Leaving the director position was the only option for the son of the Qualcomm co-founder.

Qualcomm management asserted that the proposal undervalued Qualcomm and that the company's position in the industry was strong, not only in the mobile device space but in such growth areas as the data center, the internet of things (IoT) and 5G networking. The move, which would require the support of investors, would make Qualcomm a private company.

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Last week, Qualcomm said that Jacobs will no longer serve as executive chairman of its board of directors, but will continue to serve on its board.

Jacobs apparently wants to make sure Qualcomm stays a family business and will have to do it from outside the company. It appears as though there's some drama brewing inside Qualcomm and disagreements between Paul Jacobs and the company's board has caused tension. Broadcom had urged Qualcomm not to do so and when the US-based chipmaker increased the offer, Broadcom responded by reducing its offer for the acquisition of Qualcomm. These opportunities are challenging as a standalone public company, and there are clear merits to exploring a path to take the company private in order to maximize the company's long-term performance, deliver superior value to all stockholders, and bolster a critical contributor to American technology.

Paul Jacobs has reportedly made attempt to put together a big offer to acquire Qualcomm by reaching out to investment firms including SoftBank Group's Vision Fund.

In a statement, Broadcom said that is would comply with the order from the US Government. United States did not want China to grow in wireless market.

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