Qualcomm rejects Broadcom's revised buyout offer

FILE PHOTO: A sign on the Qualcomm campus is seen, as chip maker Broadcom Ltd announced an unsolicited bid to buy peer Qualcomm Inc for $103 billion, in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake/File Photo

(Reuters) - Chipmaker Qualcomm Inc <QCOM.O> said on Thursday its board had unanimously rejected Broadcom Ltd's <AVGO.O> revised $121 billion buyout offer.

The board has determined that Broadcom's proposal "materially undervalues" Qualcomm and falls short of the firm regulatory commitment it would demand given the significant downside risk of a failed transaction, the company said.

Qualcomm also said it has offered to meet with Broadcom to see if it can address the serious deficiencies in value and certainty in its proposal.

FILE PHOTO: A sign to the campus offices of chip maker Broadcom Ltd, who announced on Monday an unsolicited bid to buy peer Qualcomm Inc for $103 billion, is shown in Irvine, California, U.S., November 6, 2017. REUTERS/Mike Blake/File Photo

Broadcom on Monday increased its offer to buy Qualcomm to $82 per share from $70 per share.

(Reporting by Supantha Mukherjee in Bengaluru; Editing by Anil D'Silva)