Chipmaker Qualcomm’s board has unanimously rejected Broadcom's revised US$121 billion buyout offer.
The board has determined that Broadcom's proposal "materially undervalues" Qualcomm and falls short of the firm regulatory commitment it would demand given the significant downside risk of a failed transaction, the company said.
Qualcomm also said it has offered to meet with Broadcom to see if it can address the serious deficiencies in value and certainty in its proposal.
Broadcom on Monday increased its offer to buy Qualcomm to $82 per share from $70 per share.
(Reporting by Supantha Mukherjee in Bengaluru; Editing by Anil D'Silva)