Broadcom pulls back from Qualcomm buyout

If the Broadcom-Qualcomm buyout story was an episode of Looney Tunes, you'd now be reading "that's all, folks." After yesterday's presidential order blocking the deal, Broadcom has now issued a press release saying that it's "withdrawn and terminated" its offer to acquire Qualcomm.

Along with tabling the buyout offer, Broadcom will also pull back its nominations for Qualcomm's board of directors. The company will, however, proceed with its plan to re-home its heardquarters stateside and hold a shareholders meeting on March 23. Predictably, Broadcom goes on to say that it's "disappointed with this outcome," but that it'll nevertheless comply with the presidential order.

If it had gone forward, the buyout would be the largest deal ever in the tech industry—at around a cool $120 billion—and would send shockwaves rippling through the market. Among other things, Qualcomm makes the SoCs present in the vast majority of Android-powered handsets. The acquisition would have left Broadcom in a rather unique market position. Meanwhile, Qualcomm's probably refocusing on its bid to take over NXP Semiconductors.

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