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However, he reiterated that Broadcom's proposal is "inferior" in relation to what Qualcomm expects as an independent company.

Earlier this week Broadcom increased its bid to $121bn.

Broadcom issued its original offer to acquire Qualcomm, a rival some two times larger in headcount and revenue, in November a year ago with an unsolicited offer of £98.8 billion. Specifically, Broadcom says it's offer of $120 billion for Qualcomm "is premised on either Qualcomm acquiring NXP Semiconductors...on the now disclosed terms of $110 per NXP share or the transaction being terminated..." Broadcom said that it would pay $60 in cash and $22 of Broadcom stock for each Qualcomm share. Typically, such break-up fees equate to approximately 3 per cent to 4 per cent of a deal's size.

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As for the market experts, Tan's accomplishments this far are likable. Qualcomm shareholders are set to vote for directors at the company's annual stockholder meeting next month. A victory in that effort would void the current opposition.

Notably, some major Chinese smartphone manufacturers have expressed concerns about the deal due to Broadcom's track record of cutting spending on research and raising chip prices.

Qualcomm has countered that its future is much brighter as a standalone company. The company has said that it will win all the cases against it in court and overturn more than $4 bullion that it has been fined with.

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Qualcomm counts Apple Inc and Samsung Electronics Co Ltd among its key customers. Qualcomm has said the litigation is necessary in order to defend is licensing programmes. It also says there is a negative risk involved if the acquisition fails because of the disapproval of the regulators. Another hold-up comes in the form of activist NXP shareholders resistant for the deal and are asking for a higher price. That is a lot of money but Qualcomm's board was firm with the decision.

The original deal, announced back in 2016, will now extend to 23 February in order to secure outstanding shares and complete the purchase.

In what could well be the biggest acquisition turndown in tech history, Qualcomm has rejected a revised bid of $121 billion made by it chipset making competitor, Broadcom.

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Qualcomm said it would contact Broadcom to schedule a meeting for talks.


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