Qualcomm has been trying to fend off the takeover bid by Singapore-based rival Broadcom for months. Now US President Donald Trump has stepped in to kill the deal.
Qualcomm has dropped its bid to buy chipmaker NXP Semiconductors after failing to secure Chinese regulatory approval. The US giant appears to be the latest victim of a bitter global trade spat.
Singapore-based Broadcom's multibillion-dollar takeover of US chipmaker Qualcomm has been blocked by Washington. President Trump said there is "credible evidence" to suggest the takeover would "impair national security."
US chip-making giant Qualcomm has rejected a fresh and significantly higher takeover bid from Singapore-based rival Broadcom. It said that even the improved offer considerably undervalued the company.
Two of the world's largest chipmakers may soon join forces. Broadcom made an offer to buy Qualcomm, but the latter was not really over the moon and said it would act in the best interests of its shareholders.
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