Qualcomm has terminated its bid for NXP Semiconductors after China’s antitrust regulators failed to provide an opinion on the acquisition offer by today’s deadline.
The collapse of the deal comes several months after Broadcom’s hostile takeover bid for Qualcomm was blocked by the U.S. government for security reasons.
During that fight, Qualcomm had raised its bid for NXP from $39 billion to $44 billion in February. Qualcomm originally offered to buy NXP back in October 2016, but the deal was delayed by an unusually long antitrust review by Chinese regulators, one that came amid increasing trade hostilities between the U.S. and China.
To placate investors, Qualcomm announced that its board has authorized a stock repurchase program of $30 billion.