Qualcomm rejects $121 billion takeover offer from Broadcom

Qualcomm CEO Steve Mollenkopf
Qualcomm CEO Steve Mollenkopf. Photo by Brendan Smialowski/Getty Images

Qualcomm said on Thursday that it has rejected a $121 billion takeover offer from rival chipmaker Broadcom, but did say that it would be open to further discussions.

Why it matters: This merger would create major competition for Intel and Samsung, by creating a third semiconductor company with double-digit market share.