Paul Jacobs, former CEO of Qualcomm (Nasdaq: QCOM) and the son of its co-founder, may step down from its board and launch a bid for the company, the Wall Street Journal reported Friday.
Amid the now-defunct hostile takeover bid by Broadcom (Nasdaq: AVGO) for the company, Jacobs was bumped from his role as executive chairman of the board in favor of an independent director; he remains on the board.
It’s unclear how he would finance a bid for the company, which has a market value of about $90 billion. The FT reported Jacobs was talking with investors about funding a buyout to take the company private.
Broadcom ended its efforts to acquire the San Diego chipmaker earlier this week after a presidential order was issued blocking such a transaction on national security grounds.
Qualcomm stock was up about 2 percent to nearly $61 as of midday.