Broadcom Ltd. said Wednesday it has withdrawn and terminated its hostile bid to buy Qualcomm Inc. , following President Donald Trump’s move this week to block the deal citing national security concerns. The Singapore-based chip maker said it has also withdrawn its nominees for Qualcomm’s board of directors. Qualcomm’s stock rose 0.7% in premarket trade, while Broadcom shares were still inactive. “Although we are disappointed with this outcome, Broadcom will comply with the Order,” Broadcom said in a statement. “Broadcom will continue to move forward with its redomiciliation process and will hold its Special Meeting of Stockholders as planned on March 23, 2018.” Over the past three months, Broadcom’s stock had gained 0.7% through Tuesday, while Qualcomm shares had shed 7.7%, the PHLX Semiconductor Index had run up 15.5% and the S&P 500 had tacked on 4.3%.
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