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Qualcomm shares rise on report of ex-chairman's attempt to take it private

Qualcomm Inc. QCOM, +0.35% shares shot up 3.3% in after-hours buying and selling Thursday following a CNBC document that former chairman and chief government Paul Jacobs is main a fund-raising effort to shop for the chipmaker and take it private. Jacobs, whose father co-founded the company, was ousted from the board in March after expressing his plan to move private. CNBC said Jacobs is speaking to strategic traders and sovereign wealth finances to put together a bid within the subsequent couple of months. Under Jacobs' plan, the company would stay based totally within the U.S. and he would take over as CEO, a role he had from 2005 to 2014, CNBC said. Last month, Broadcom Ltd.'s bid to shop for Qualcomm fell aside after it was blocked by way of President Donald Trump. Qualcomm shares ended the regular buying and selling consultation up relatively, at $55.20.