Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd's $103 billion takeover bid, saying the offer "dramatically" undervalued the U.S. company.
"After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom's proposal dramatically undervalues Qualcomm and comes with significant regulatory uncertainty," Qualcomm's Presiding Director Tom Horton said in a statement.
Broadcom made its unsolicited bid last week in its efforts to become the dominant supplier of chips used in the 1.5 billion or so smartphones expected to be sold around the world this year.
Reuters reported on Sunday that Qualcomm would rebuff the $70 per share offer, citing people familiar with the matter.