March 5, 2018 / 4:04 PM / a year ago

U.S. Republican senator backs review of Broadcom's Qualcomm bid

WASHINGTON, March 5 (Reuters) - U.S. Senator Tom Cotton said on Monday he backed a U.S. government panel’s decision to delay a Qualcomm Inc shareholder meeting to allow for a more extensive review of Broadcom Ltd’s takeover bid.

“Qualcomm’s work is too important to our national security to let it fall into the hands of a foreign company — and in a hostile takeover no less,” Cotton, a vocal Republican voice on foreign relations, said in a statement.

The U.S. Committee on Foreign Investment in the United States (CFIUS) on Sunday ordered Qualcomm to delay its March 8 shareholder meeting, an unprecedented move that cast new doubt on Singapore-based Broadcom’s $117-billion bid for its U.S. semiconductor peer.

Reuters reported last week that CFIUS had begun looking at Broadcom’s bid amid growing pressure from lawmakers, including President Donald Trump’s fellow Republicans in Congress.

Reporting by Patricia Zengerle Editing by Nick Zieminski

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