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Qualcomm rejects Broadcom's $103 billion offer

Broadcom CEO Hock Tan speaks alongside President Trump during an event to announce the company is moving its global headquarters to the United States. Photo: Evan Vucci / AP

U.S. chipmaker Qualcomm rejected rival Broadcom's $103 billion bid to purchase the company Monday, stating that Broadcom's proposal "dramatically undervalues" Qualcomm and comes with "significant regulatory uncertainty." Meanwhile, Broadcom said it is still "fully committed" to the deal, stating that they continue to believe their offer represents the most attractive, value-enhancing alternative available to Qualcomm stockholders.

Why it matters: If completed, the sale would have been the largest pure technology merger of all time. It also would have created the world's third-largest chipmaker, behind Intel and Samsung.