Shares of Qualcomm Inc. fell 1.8% in premarket trading Monday, after the semiconductor maker’s annual meeting to vote on Broadcom Ltd.’s hostile buyout bid was delayed while the Committee on Foreign Investment in the United States (CFIUS) investigates the deal. Broadcom said it was informed Sunday night that Qualcomm had “secretly” filed on Jan. 29 a voluntary request to initiate an investigation, without informing Broadcom of the request. “This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting on Broadcom’s independent director nominees,” Broadcom said in a statement. Broadcom is based in Singapore, but it has committed to redomicile to the U.S., and said its board of directors and senior management are “almost entirely Americans.” Broadcom’s stock slipped 0.2% in premarket trade. Over the past three months, Qualcomm shares have inched up 0.1%, Broadcom’s stock has lost 4.1% and the S&P 500 has tacked on 2.4%.
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