Chipmaker QUALCOMM Inc. said its board decided not to re-nominate former executive chairman Paul Jacob as a director, following the news of his intent to attempt a buyout of the company.
"There can be no assurance that Dr. Jacobs can or will make a proposal, but, if he does, the Board will of course evaluate it consistent with its fiduciary duties to shareholders," the San Diego-based company said in a statement.
Jacobs earlier informed Qualcomm's directors about his intention to launch a buyout and has approached several global investors, including Japan's SoftBank Group Corp., about financing a potential offer, the Financial Times reported.
The move comes days after Singapore-based chipmaker Broadcom Ltd. dropped its hostile takeover bid for Qualcomm when U.S. President Donald Trump issued an executive order to block the deal on national security concerns.
Qualcomm recently discontinued its executive chairman position and Jacobs was replaced by independent director Jeffrey Henderson, who took over as a non-executive chairman. Jacobs remains a Qualcomm director.
