Broadcom announced it has withdrawn and terminated its $117 billion offer to acquire Qualcomm and has also withdrawn its slate of independent director nominees for Qualcomm's 2018 Annual Meeting of Stockholders.
Broadcom's decision comes two days after U.S. President Donald Trump blocked the attempt citing national security concerns.
Broadcom, however, expects to continue with its plan to redomicile to the United States.
"Although we are disappointed with this outcome, Broadcom will comply with the Order. Broadcom will continue to move forward with its redomiciliation process and will hold its Special Meeting of Stockholders as planned on March 23, 2018," the chipmaker said.
Broadcom's board met late on Tuesday to formalize plans to move its base to the United States. The move would make it easier for Broadcom to make acquisitions of U.S. companies without falling under the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS).
According to Bloomberg, San Diego-based chipmaker Qualcomm spent $8.3 million in lobbying in 2017, while Broadcom spent $85,000, according to federal lobbying disclosures. It's unclear how much of Qualcomm's money paid for lobbying against Broadcom's bid.
Qualcomm spent about $2 million a quarter, according to the disclosures, increasing slightly in the fourth quarter.