Qualcomm’s board of directors unanimously rejected Broadcom’s $100 billion-plus unsolicited offer. In a statement, Paul Jacobs, Qualcomm's executive chairman and chairman of the board, said Broadcom’s proposal “significantly undervalues Qualcomm relative to the company’s leadership position in mobile technology and our future growth prospects.”

A week ago, Broadcom offered to acquire Qualcomm for $70 per share in cash and stock. Broadcom estimated the deal was worth approximately $130 billion on a pro forma basis. At the time, Broadcom said that its offer represented a 28 percent premium over the closing price of Qualcomm’s stock on Nov. 2 and a 33 percent premium over Qualcomm’s 30-day average stock price.

Many analysts said that the offer was opportunistic on Broadcom’s part because Qualcomm’s stock has been depressed lately. The chip maker has been embroiled in a lawsuit with Apple after Apple accused Qualcomm of using its market dominance to charge high patent royalties and keep competitors away. Qualcomm has provided chipsets to Apple’s iconic iPhone device for the past decade. However, recently Apple has signaled it may be looking at other chipset providers for future versions of the iPhone.

Steve Mollenkopf, Qualcomm CEO, also said in a statement that the company is confident in its ability to create significant additional value for its stockholders, noting that it is well positioned in areas such as mobile, Internet of Things (IoT), automotive, edge computing, and networking within the semiconductor industry.

Qualcomm is in the midst of acquiring NXP Semiconductor for $38 billion.  The deal, which was announced in October 2016, is expected to close by year-end.