A statement from Qualcomm said that the proposal was not in the best interests of shareholders.
Qualcomm has issued a statement unanimously rejecting Broadcom's "unsolicited proposal," announced by Broadcom earlier this month.
In a statement, Paul Jacobs, executive chairman and chairman of the board of Qualcomm said: “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 our future growth prospects."
"No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry. We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G,” added CEO Steve Mollenkopf.
In particular, the statement said that the proposal was not in the best interests of shareholders.