Broadcom had offered $70 per outstanding share for a total value of $130 billion.
"It is the Board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects", said Paul Jacobs, executive chairman and chairman of the board of Qualcomm, in a statement.
Broadcom's bid has been seen by analysts as an offensive move that takes advantage of Qualcomm's lagging stock price, which was down 18 percent over the trailing 12 months before Broadcom's takeover offer.
Qualcomm, which makes the Snapdragon chips found in smartphones and tablets, is the world's No. 3 chip supplier, according to research firm Gartner, trailing Intel and Samsung. CEO Hock Tan last week, saying the company is likely to relocate its headquarters from Singapore to the United States. According to Reuters, it is now trying to acquire NXP Semiconductors NV, an automotive chipmaker.
The company's board of directors will cycle in the coming weeks.
NXP shares have been trading above Qualcomm's offer price, as many NXP shareholders, including hedge fund Elliott Management Corp, have been holding out for a better price.
Qualcomm shares closed at $64.57 on Friday, while Broadcom ended at $264.96. The company did away with the provision in 2015 during negotiations with Jana Partners.
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