Broadcom's latest bid for rival chipmaker Qualcomm was "just not even close to what the value of the company is," Tom Horton, lead director for the takeout contender, said Tuesday.
Qualcomm last week rejected the bid of $82 a share, or roughly $121 billion. That offer represents a 11x or 12x multiple on earnings, Horton told CNBC's "Squawk on the Street," compared to the semiconductor industry's average multiple of 18.
Broadcom has said the latest bid, up from an initial offer of $105 billion, was its "best and final" — either deal would have made it the largest acquisition in tech history.
Broadcom has nominated its own members to the Qualcomm board to be voted on in March when Qualcomm holds its annual meeting.
"We're on the verge of reaping the benefits of all the investments we've made in 5G, which is rolling out in a very profound way over the next couple of years," Horton said. "And we've just closed up the NXP deal which has $1.50 of accretion inherent in it so that part of the puzzle has now been put in place."
Qualcomm raised its bid for semiconductor company NXP to $127.50 on Tuesday, partially in an effort to help fend off Broadcom's bid.
--CNBC's David Faber contributed to this report.