Broadcom Qualcomm Deal

Broadcom and TSMC are not working together, and all of the talks so far are preliminary and largely informal, the Wall Street Journal added

Broadcom has also withdrawn its slate of independent director nominees for Qualcomm's 2018 annual meeting of stockholders

This is the fifth time a US President has blocked a deal based on CFIUS objections and the second deal Trump has stopped since assuming office

Broadcom, which makes connectivity chips used in products ranging from mobile phones to servers, first approached Qualcomm in November

The new offer values the company at $82 per share - a premium of 24 per cent from Qualcomm's close on Friday

Qualcomm last month rejected Broadcom's $103 billion cash-and-stock bid, saying it dramatically undervalued the company

Broadcom has indicated it is willing to buy Qualcomm irrespective of whether it closes the NXP deal

Deal would make Broadcom the leader in chips used in the over 1 billion smartphones sold each year