Qualcomm conjectured Friday that Paul Jacobs will not be renominated to the chipmaker’s cabinet of directors at its annual shareholder meeting on March 23.
The company said the judgement was made after Jacobs informed the board that he is exploring the admissibility opportunity of taking the $88 billion company private. But Jacobs said in a report that the board’s decision to not renominate him is “unfortunate and disappointing.”
The longtime Qualcomm directorate said that the chipmaker has “real opportunities” but that perhaps these last will and testament be easier to pursue as a private company.
“These opportunities are challenging as a standalone buyers company, and there are clear merits to exploring a path to take the friends private in order to maximize the company’s long-term performance, deliver choice value to all stockholders, and bolster a critical contributor to American technology,” Jacobs conjectured in a statement.
There is no guarantee that Jacobs will ultimately turn a formal proposal. But if Jacobs makes a bid, Qualcomm said it would “of passage evaluate it consistent with its fiduciary duties to shareholders.”
Sources organize told CNBC that Jacobs had previously expressed interest in doing this aeons ago before. Jacobs said in a statement that he is glad Qualcomm’s timber would be willing to evaluate a proposal, if presented.
The Financial Times elementary reported Jacobs has approached multiple investors, including Japan’s SoftBank, to get funding for an acquirement bid.
Jacobs, son of Qualcomm co-founder Irwin Jacobs, previously served as CEO as pleasing as executive chairman of Qualcomm’s board.
Last week, he stepped down from his part as executive chairman as the San Diego-based chipmaker resisted an aggressive takeover have a go from Singapore’s Broadcom. That bid was shut down by President Donald Trump earlier this week, surrounded by national security concerns.
— CNBC’s David Faber contributed to this report.