"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 out future growth prospects," Qualcomm chairman Paul Jacobs said in a statement.
Broadcom launched a bid for Qualcomm Nov. 6, offering $70 per share in cash and stock. The deal would have been the biggest ever in the tech sphere.
"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry," Qualcomm CEO Steve Mollenkopf said. "We are confident in our ability to create significant additional value for out stockholders as we continue our growth in these attractive segments and lead the transition to 5G."
Qualcomm added that Broadcom's bid comes with "significant regulatory uncertainty." A company spokesperson told TheStreet that Qualcomm had no additional comment beyond the statement.
Qualcomm stock gained 1.21% to $65.35 early trading Monday. Broadcom stock dipped 0.52% to $263.58.
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