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The Wall Street Journal: Former Qualcomm CEO Paul Jacobs drops his bid to take chip maker private

Paul Jacobs, who was ousted a year ago as a Qualcomm Inc. director, has dropped his effort to take the chip giant private, instead choosing to focus on his networking startup just an eight-minute drive from his old employer.

The long-shot takeover plan had threatened to pit the former chairman against the company he once led as chief executive and that his father helped found more than three decades ago. He said he is throwing his energy into the wireless-technology startup Xcom Labs Inc., where he is CEO and which recently made its first acquisition.

The decision marks a reversal for Jacobs, who had begun gathering financing but decided late last year Qualcomm’s QCOM, +1.37% valuation — the company’s market capitalization is currently $68 billion — relative to its earnings had become less attractive.

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