BROADBAND BREAKFAST INSIGHT: A great summary of what to take away from the Trump administration's blocking of Broadcom's acquisition attempt for Qualcomm, an action that appears to be have been taken quite precipitously. According to The New York Times' story on the subject, "A presidential action against foreign investment in an American company is rare and has only taken place four times in the past 30 years, according to the law firm Ropes & Gray."
The fallout from Qualcomm’s victory, from Axios
President Trump last night took Broadcom out back and slaughtered its $117 billion pursuit of Qualcomm, in the name of national security.
For capital markets, this is unprecedented. A deal that didn't even exist has been blocked by a U.S. president, who also apparently has the power to determine who can and can't stand for election to a private-sector company's board of directors. And all of it was enabled by a regulatory body focused on foreign acquisitions of U.S. companies, even though the acquirer was scheduled to stop being "foreign" in just a few weeks.
Source: Axios
