MarketWatch First Take: Qualcomm was losing in takeover battle with Broadcom, then the government stepped in

Broadcom Ltd.’s hostile attempt to buy embattled communications-chip company Qualcomm Inc. is turning out to be one of the stranger hostile takeover battles in tech — a fight that Qualcomm seemed destined to lose until a last-minute reprieve from friends in high places.

In the wee hours of Sunday morning, Broadcom AVGO, -1.55% said it was informed that the Committee on Foreign Investment in the U.S., or CFIUS, said it plans to review the proposed deal to buy Qualcomm QCOM, -1.13%QCOM, -1.13% just 48 hours before a shareholder meeting that could have proved fatal. At that meeting, investors were to vote on a slate of directors Broadcom had nominated for Qualcomm’s board.

>>> Original Source <<<