Broadcom drops bid to acquire Qualcomm

Broadcom scraps bid for Qualcomm

Broadcom announced Wednesday that it is formally ending its aggressive pursuit of Qualcomm.

The company also said it is withdrawing its slate of nominees it had presented for Qualcomm's board.

The move comes after President Donald Trump on Monday ordered the company to abandon the proposed deal. Trump said he had "credible evidence" that the deal had the potential to threaten the national security of the United States.

Broadcom said in a statement that it will comply with the order, although it is "disappointed with this outcome."

The Singapore-based company said, however, that it will continue with its plans to relocate its headquarters to the United States. The company is scheduled to hold a special meeting for shareholders on March 23.