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.

Xbox One X Outpaces PS4 Pro Launch Sales in the UK
More than 70 games supported Xbox One X at launch, with that number set to increase each week. It would be interesting to see how things go from here for Xbox One X .

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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