On the morning of March 9th, Eastern Time, Qualcomm announced that Paul Jacobs will no longer serve as executive chairman, but will remain on the board of directors. Although Qualcomm stated that in order to smoothly complete the transition of leadership, Qualcomm established the executive chairmanship in 2014, but at this stage, the independent chairman is more suitable for Qualcomm. However, this move was still interpreted by the outside world as forced by the pressure of acquisition. Qualcomm has already begun to have its first "victim".
However, the more "explosive" news is that Intel has the intention to join the merger and acquisition game of Broadcom and Qualcomm. The source said in an interview with foreign media that if Broadcom's acquisition of Qualcomm's transaction may be successful, Intel may consider making an offer to Broadcom. Offer. However, Intel China denied the rumor to First Financial and quoted an official caliber that Intel declined to comment on speculations related to acquisitions and mergers.
Although the wave of integration of European and American chip companies has allowed these big companies to start “tight-touching,†the story of “snapping crickets and keeping the yellow tits behind†wants to be true. Now it still faces challenges.
Family Branding
For the “remove†incident interpreted by the outside world in the past few days, Qualcomm’s emphasis on the use of “dismissal†by First Financial to describe Jacob’s change of position is inaccurate. The other party said, "I just no longer have the post of executive chairman. Paul is still on the board."
On the official website of Qualcomm, he wrote, “The board has ceased to assume the role of chairperson. The committee was established at the end of 2014, mainly as part of the leadership transition plan.†For Qualcomm at this time, the board of directors believes that it has an independent director. It is in the best interests of the company and shareholders to serve as chairman.
"Jeff is the ideal choice for this role, based on his profound financial, business and international experience and his strong shareholder orientation. We focus on maximizing shareholder value and will consider all options to achieve this goal. We seek Qualcomm. Proposed to close the NXP acquisition, strengthen our licensing business, and use the huge 5G opportunity in front of us,†said Tom Horton, chief independent director of Qualcomm, in a statement.
In a sense, this may be the last thing that Qualcomm has done to appease shareholders. The new chairman, Jeffrey Henderson, entered the board of directors in 2016 as an independent director. At the time, radical investor Jana Partners was very dissatisfied with Qualcomm's overall management and corporate structure, trying to force Qualcomm to spin off its patent licensing business. In order to appease the aggressive investors, Qualcomm invited Henderson to enter the board of directors as an independent director to demonstrate the company’s determination to seek change.
Paul Jacobs, the son of Qualcomm co-founder Irwin Jacobs, joined the Qualcomm board of directors from June 2005. He served as CEO of Qualcomm from July 2005 to March 2014, and then handed Qualcomm's CEO position to Steve Mollenkopf. Not long ago, Jacobs was defending Qualcomm’s shareholder value and wrote to Broadcom CEO Hock Tan, who believed that Broadcom’s offer was too low compared to Qualcomm’s prospects of operating as an independent company.
In a media event in December 2016, Paul's father, Irving Jacobs, commented on his work and said, "Paul did a good job," and said that although he resigned as CEO on the 20th anniversary of Qualcomm in 2005, Three years before that, he had proposed retirement to the board of directors and proposed to establish a committee to find the next leader. At that time, the board of directors put forward 10 candidates for an interview. And after three years, the board decided that Paul be the company's leader. Irving said that for the company, introducing some new blood and ideas can inject a lot of young vitality into the company. How to constantly deal with, or find opportunities in a fast-growing world, is very important for a company. "What Paul did well is that he led the company to see different ways of solving problems, as well as innovation in terminals and applications. He communicated with people in the global industry and eventually brought these innovations to the market."
However, judging from changes in this position, it is certain that the descendants of Qualcomm founders can no longer control the future of the company.
Giant nerves
In addition to Broadcom and Qualcomm's "alignment," there is news that "stands" Intel (Intel) can not sit still, is considering a series of acquisitions, including the acquisition of chip maker Broadcom (Broadcom).
In an interview with The Wall Street Journal, sources said that if Broadcom's acquisition of Qualcomm's transaction may be successful, Intel may consider making a bid to Broadcom. However, these sources said that such purchases cannot be guaranteed. Some people even claimed that this is impossible.
An Intel spokeswoman said the company will not comment on the rumors of the deal. She stated in the statement: "In the past 30 months, we have made several important acquisitions, including Mobileye and Altera. Our focus is to integrate these acquisitions to benefit our customers and shareholders."
Broadcom did not respond immediately. However, there are reports that Broadcom's bid for Qualcomm has been in trouble, may have to temporarily abandon the current transaction, and later come back.
However, Intel China denied the rumor to First Financial and quoted an official caliber that Intel declined to comment on speculations related to acquisitions and mergers.
Sheng Linghai, a senior director of Gartner, told the First Financial reporter that Intel's original business was affected by the saturation of the market and the growth was weak. If you do not consider the price and capital operation, only from the Intel strategic considerations, the acquisition is reasonable, because Intel and Broadcom, Qualcomm has most of the product line is complementary.
"But it is impossible to comment on price and capital operation." Sheng Linghai told reporters.
Wang Yanhui, secretary-general of the China Mobile Alliance, told reporters that it is difficult to judge the trends of Broadcom, Qualcomm and Intel. "Intel should not make a tender offer now, and may study the need for an acquisition. Now that even Qualcomm's acquisition of NXP has not yet been settled, Broadcom's acquisition of Qualcomm is still hanging, and Intel is now plugging in a mess. Intel this year or next year The probability of acquiring Broadcom will not be great, after all, the entire approval process is very long, but he will certainly assess (Broadcom's acquisition of Qualcomm's influence.) He told reporters that from Intel's point of view, he certainly does not want Qualcomm to be acquired by Broadcom, because once Broadcom The successful acquisition of Qualcomm will certainly have an impact on Intel’s industry position.
At present, the largest merger and acquisition in the history of semiconductor involves many parties, not only Broadcom, Qualcomm, NXP, and now Intel, and at the government level, the United States and the Chinese government. Wang Yanhui believes that now Broadcom’s acquisition of Qualcomm is mainly based on the attitude of the US government. “China is still unable to get started,†and Broadcom’s acquisition interest has not been reduced. He believes that Broadcom’s acquisition of Qualcomm is a high probability event unless the U.S. government stops it. However, if the Chinese government agrees that Qualcomm will acquire NXP, it will increase Broadcom's premium for the acquisition of Qualcomm.
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