Qualcomm announced that its board of directors unanimously rejected the unsolicited proposal announced by Broadcom on November 6, 2017.

“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,” said Paul Jacobs, executive chairman and chairman of the board of Qualcomm, in a statement released to the media.

“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,” said Tom Horton, presiding director for Qualcomm.

[Image courtesy: Qualcomm]