Qualcomm rejects Broadcom's $103 billion bid

But as many analysts predicted, Qualcomm said the bid was too low.

Broadcom offered $60 a share in cash and $10 in stock for Qualcomm - a 28 percent premium over the company's share price before news of the bid leaked on November 3 - making it the largest tech deal ever.

Qualcomm, which makes the Snapdragon chips found in smartphones and tablets, is the world's No. 3 chip supplier, according to research firm Gartner, trailing Intel and Samsung.

Broadcom CEO Hock Tan, who said earlier this month he would redomicile his company to the United States from Singapore, has stated he is open to launching a takeover battle. Its stock price has not touched $70 since 2015 - that's what Broadcom's bid works down to per share. It is engaged in a patent infringement dispute with Apple Inc (AAPL.O), and is also trying to close its $38 billion acquisition of automotive chipmaker NXP Semiconductors NV (NXPI.O) after signing a deal in October 2016. Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer.

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"Last day of " Tiger Zinda Hai " shoot and sharing with you first day of " Race 3 " picture in a bit", he captioned the image. With Jacqueline Fernandez and Salman Khan returning together we can surely expect fireworks on screen.

On Monday, Qualcomm said in a press release that the San Diego, Calif. -based company's Board of Directors has unanimously rejected the proposed deal.

Each Qualcomm board member is up for re-election annually.

The Board and Management are singularly focused on driving value for Qualcomm's shareholders.

Neither company has commented on the report, but it wouldn't be shocking if Qualcomm held out.

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