The company says it's worth more than Broadcom's $70-a-share offer.
Qualcomm's stock climbed 1.2% in premarket trading, while Broadcom declined 0.6%.
This comes after Qualcomm said that the nine men and two women in its board of directors had all agreed that the offered buyout package sorely undervalued Qualcomm's share value and its future growth prospects. The language, obviously, left open the door to a higher bid.
Broadcom has shown its willingness to buy Qualcomm regardless of whether it closes the NXP deal.
Broadcom has also been deliberating the possibility of raising its bid for Qualcomm, including through more debt financing, some of the sources said, although it was not clear when Broadcom would choose to make such a move.
Steve Mollenkopf, CEO of Qualcomm believes that the chipset manufacturer holds an edge in the semiconductor industry and continues to provide value to stockholders.
That was a not-so-veiled threat to pursue a hostile takeover if necessary.
Paul Jacobs, Executive Chairman and Chairman of the Board of Qualcomm Inc. said this about the potential acquisition. Tan is known as a fierce cost cutter, who buys companies and eliminates overhead and cuts back on research and development. Time will tell, but if Broadcom wants to add Qualcomm to its portfolio, it'll definitely have to up the stakes. But, now Qualcomm officially rejects that offer of 103 Billion dollars. "We believe Broadcom is likely to increase its bid, contributing to our increased price target".
The takeover bid came during a bad year for Qualcomm, which has been locked in battle with Apple.
But any deal would need to pass muster with Qualcomm shareholders and could face regulatory scrutiny in the United States and other markets.
Qualcomm shares closed at $64.57 on Friday, while Broadcom ended at $264.96.
On Monday, Qualcomm's (qcom) shares were up to nearly $66, though still below the $70 bid.
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