Qualcomm nixes Broadcom's $121-bn takeover offer to explore other options

Qualcomm also dismissed the Broadcom's offer of an $8 billion break-up fee if the deal fails

Qualcomm’s board said discussions with Broadcom failed to persuade the chipmaker to sign off on a $121 billion takeover offer, making it more likely shareholders will get to decide on the fate of the deal. At the same time, Qualcomm said it found the meeting on Wednesday to be “constructive,” and that it would be open to further discussions.

“The board remains unanimously of the view that this proposal materially undervalues Qualcomm and has an unacceptably high level of risk, and therefore is not in the best interests of Qualcomm stockholders,” Qualcomm said in a letter to Broadcom Friday.

Qualcomm shareholders are