Qualcomm rebuffs Broadcom

Qualcomm rejected an unsolicited $103 billion offer from Broadcom, saying that the proposal is significantly undervalued and that a tie-up between the massive chipmakers would face substantial regulatory resistance.

Qualcomm said Monday that it’s in a unique position to grow on its own.

“We are highly confident that the strategy (CEO Steve Mollenkopf) and his team are executing on provides far superior value to Qualcomm shareholders than the proposed offer,” said Tom Horton, Qualcomm director.

Broadcom said on Monday that it remains committed to pursuing a deal.