Qualcomm's board unanimously votes down Broadcom buyout offer

Broadcom's bid has been seen by analysts as an offensive move that takes advantage of Qualcomm's lagging stock price, which was down 18 percent ofor the past 12 months before Broadcom's takeover offer.

The US microchip giant Qualcomm has rejected a $130bn (£99bn) takeover offer from Broadcom, setting the stage for its industry rival to return with an even bigger offer. The preparations for the board meeting indicate that Qualcomm is poised to rebuff the bid as insufficient as early as Monday, although it may decide to spend a few more days this week to prepare its full response to Broadcom, the sources added.

Qualcomm was very recently approached by Broadcom with a buyout offer of over 100 billion dollars. Its own board similarly thinks that the offer undervalues the company and NXPs shares were trading above Qualcomms offer.

It's not clear how Broadcom will respond.

"As Qualcomm has already patiently worked for an extended period and is close to acquiring NXP to kick start its ambitious journey we weigh more towards a Qualcomm-NXP only combination rather than a Broadcom-NXP-Qualcomm or simply a Qualcomm-Broadcom combination". Broadcom is reportedly prepared to up its offer somewhat from its current level, although it's unclear how much higher they might be willing to go.

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Qualcomm provides chips to carrier networks to deliver broadband and mobile data.

Broadcom, the US-based semiconductor firm, last week, had shown interest to buy the Snapdragon maker at a value of $70 per share in the acquisition proposal that would consist of $60 in cash and $10 per share in Broadcom shares. It is engaged in a patent infringement dispute with Apple Inc (AAPL.O), and is also trying to close its $38 billion acquisition of automotive chipmaker NXP Semiconductors NV (NXPI.O) after signing a deal in October 2016.

At the time of writing, Qualcomm shares are priced at $65.50 pre-market.

Shares of Qualcomm have been declining in value in the recent quarters, which is why Broadcom made its proposal.