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"Broadcom is well aware there is no 'reduction of value by $4.10 per share' because the transaction could not be completed at $110.00 per share," Qualcomm said in a statement, referring to Qualcomm's bid for NXP.
"The Qualcomm Board is committed to maximizing value for Qualcomm stockholders, whether that be through executing its growth strategy or selling the company. Broadcom's revised $79.00 per share proposal materially undervalues Qualcomm, fails to take into account the strategic and financial benefits of acquiring NXP, and continues to face a long and highly uncertain path to regulatory approvals," the company said.
Broadcom earlier this month upped its offer to $82 a share, or roughly $121 billion, from the initial bid of $105 billion. Wednesday's offer rounds out to approximately $117 billion.
Any of those price tags would make a merger the most expensive in tech history, but Qualcomm and lead director Tom Horton have said it's "just not even close to what the value of the company is."