Steve Mollenkopf, CEO of Qualcomm Inc. (QCOM) - Get Report , defended his company's choice to reject the Broadcom offer, at TheDeal's Corporate Governance conference Thursday, June 7.

TheStreet's founder Jim Cramer asked Mollenkopf about the board's choice to turn down a deal that offered $82 a share. The stock was was trading at $62.03, up 3.66%, at the open.  

While the Qualcomm-Broadcom merger was ultimately blocked by President Trump, Qualcomm was not initially ecstatic about merging with Broadcom (AVGO) - Get Report

TheStreet's Eric Jhonsa weighed in on Qualcomm's hesitations about the merger back in March: "It's also worth keeping in mind that Broadcom has signaled it plans to restructure Qualcomm's mobile patent-licensing business, which produces over half its operating profit and is embroiled in disputes with Apple and multiple regulators (a dispute with Huawei is reportedly close to being settled). In light of these plans, Broadcom's costly bid for Qualcomm is unlikely to pay off unless Qualcomm's chip business is healthy and growing in the years to come. At least outside of the parts that would be sold off due to antitrust issue or poor growth prospects (for example, Qualcomm's Wi-Fi chip business or NXP's smart card MCU business)."

Mollenkopf said, "[Qualcomm] is on the front lines for 5G" and that its technology is not being valued as heavily as it could be, so the board had to make a choice.

TheStreet's Chris Nolter pointed out that Qualcomm, while it may not be seeing high share prices right now, has done well throughout transition periods. The company has pitched investors, and U.S. regulators, on its ability to establish itself as a leader in 5G. The cost-cutting, buybacks and resolving the Apple dispute are important elements of the plan to boost the stock.

Follow TheStreet's live blog of the conference here