Qualcomm struck down Broadcom's $121 billion acquisition offer, Reuters reports.
Here are three things to know about the proposed buyout.
1. While Qualcomm rejected Broadcom's latest offer, Qualcomm proposed meeting with Broadcom to discuss the offer's "serious deficiencies in value and certainty." Qualcomm said the bid "materially undervalues" the company and doesn't meet regulatory commitments.
2. Last week, Broadcom extended a $121 billion deal to Qualcomm in a final offer to acquire all outstanding shares of Qualcomm for $82 per share.
3. In a letter to Qualcomm, Broadcom CEO Hock Tan told Qualcomm Executive Chairman Paul Jacobs, "We hope that your willingness to meet with us reflects Qualcomm's genuine intent to reach an agreement with respect to our February 5 proposal," according to the report.
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