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$121 billion on table as Broadcom and Qualcomm meet

Semiconductors merging
Illustration: Rebecca Zisser / Axios

Broadcom CEO Hock Tan today will sit across the table from Qualcomm CEO Steven Mollenkopf, and offer him a $121 billion Valentine's Day gift. And Mollenkopf will smile politely, before uttering the phrase that has broken a million hearts: "That's all you got me?"

Bottom line: Broadcom is standing firm on $82 per share being its "best and final offer," and already has included a record $8 billion regulatory reverse termination fee, so it's unclear what other sweeteners Tan might suggest.