Qualcomm said in a statement that its Board of Directors would consider the offer but will not comment further on the bid until it has been reviewed.
"We will withdraw this proposal and cease our pursuit of Qualcomm immediately following your upcoming annual meeting unless we have entered into a definitive agreement or the Broadcom-nominated slate is elected", Broadcom CEO Hock Tan said in a letter to Qualcomm's board on Monday.
Broadcom Ltd. raised its hostile bid for San Diego rival Qualcomm Inc. this morning to $121 billion, or $82.00 per share.
Broadcom said on Monday its improved offer was premised on either Qualcomm acquiring NXP Semiconductors NV on the current disclosed terms of $110 per share in cash, or the $38 billion transaction being terminated.
Broadcom said the deal could be completed within about 12 months of being agreed.
Qualcomm has yet to officially respond to the offer, and while it might seriously be considering Broadcom's proposal as one it can't refuse, the likelihood is that we will see yet another rejection.
For Tan, who built Broadcom over almost a decade from a series of takeovers, Qualcomm's problems are ones that he and his team can fix - and that Qualcomm has not shown that it can do on its own.
Broadcom is the product of a $37 billion tie up two years ago between Avago, a Singapore company that was once part of a former unit of pioneering PC maker Hewlett-Packard, and Broadcom, another company with origins in Southern California that made chips.
Broadcom remains in the hunt for Qualcomm, and it's willing to pay quite a bit more than its initial $105 billion offer for the company from back in November.
Broadcom also said it is prepared to pay a significant termination fee if the deal can not obtain the required government regulatory approvals.
Elsewhere in the Broadcom world, the company has said it expects to have a positive Q1 finishing in the top-end of expectations.
The company also stated that it would be prepared to invite executive chairman and chairman of the board Paul Jacobs and one other current Qualcomm director to join the combined company's board upon completion of the transaction.
The company reported a net loss of $5.95 billion, or $4.03 per share on revenue of $6.1 billion, up one percent year-over-year.
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