Qualcomm meeting on hold, but Broadcom drama still heats up

Qualcomm Inc.’s annual shareholder meeting has been put on hold while the U.S. probes whether the hostile buyout attempt by Broadcom Ltd. presents a national security risk, and both companies squabbled in their respective statements.

The frustration at Broadcom with the delay of the meeting becomes even more acute following a Bloomberg report that Broadcom was on course to collect enough shareholder votes to green-light its slate of directors to Qualcomm’s board, which would give it a majority to push forward with the deal.

Qualcomm’s annual shareholder meeting was scheduled for Tuesday, after Broadcom lowered its offer to Qualcomm to $79 a share from $82 a share after Qualcomm raised its own bid to acquire NXP Semiconductors NVNXPI, +0.56% , which followed months of jockeying between the companies in a proxy battle about their respective slate of directors.

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