Set micro-wire news, Qualcomm said on Thursday that the company's board members voted unanimously voted rejected Broadcom's $ 121 billion tender offer.
Qualcomm said the board ruled that Broadcom's takeover offer "substantially underestimated" the value of Qualcomm, and given the significant downside risk of failed transactions, the offer failed to meet regulatory requirements.
However, Qualcomm recommends meeting with the management of Broadcom to discuss serious deficiencies in the recommendations and to give better protection.
Qualcomm shares rose 1.4% after the announcement, Broadcom rose 1.9%
Broadcom on Monday raised the bid offer price, from the previous 70 US dollars per share raised to 82 US dollars per share.