Qualcomm has rejected Broadcom's $130 billion 'unsolicited proposal'

In a statement Monday, Qualcomm's board said the offer, which Broadcom submitted last week, dramatically undervalues the company and comes with significant regulatory uncertainty.

"We are highly confident that the strategy (CEO Steve Mollenkopf) and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer", said Tom Horton, Qualcomm director.

"It is the Board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects", said Paul Jacobs, executive chairman of Qualcomm.

Broadcom execs believe that, even if Qualcomm's board doesn't like the deal, they can convince enough of the company's shareholders to take the offer and win approval from government regulators.

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Qualcomm is set to reject the multi-billion takeover bid from fellow chipmaker Broadcom, reports have claimed. Broadcom has told analysts and investors it could chop $3 billion from Qualcomm's expenses, boosting operating profit by about 30%. A combination with Broadcom would not have propelled it past industry leaders Intel and Samsung. It signals directors believe Qualcomm can boost its stock price higher than the offer of $70 a share, a 28% premium to its price November 2, before The Wall Street Journal reported the bid was imminent.

Broadcom Ltd., also announced, in the company of President Donald Trump, that it would bring its corporate address back from Singapore, to Delaware. That's no small amount of money, and it would have ranked as the tech industry's largest acquisition ever.

If Broadcom makes a hostile bid, Qualcomm's governance rules would allow the rival to submit its own slate for the entire 10-member board by the December 8 nomination deadline. That would permit Qualcomm shareholders to vote to change the company's board and force it to engage with Broadcom.

"We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction", the company said.

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