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Qualcomm Inc. (NASDAQ: QCOM) made waves early on Monday by rejecting a takeover bid by rival Broadcom Ltd. (NASDAQ: AVGO). The rejection by Qualcomm’s board was unanimous, as the board felt that the offer severely undervalued the company.

The original offer was for $70 a share, consisting of $60 in cash and $10 a share in Broadcom stock. The entire deal was valued up to $130 billion, including debt. Some are speculating that if this were to be a tenable deal that Broadcom would have to be willing to pay upward of $85 per share.

Qualcomm’s stock is flat year to date, and most of its growth has come in the past month due to speculation on this acquisition. On the other hand, Qualcomm has been tied up in a legal battle with Apple, which has been a definite distraction for the company and could explain its recent stagnation.

Regardless, the board has spoken. Paul Jacobs, executive chairman and chairman of the board of Qualcomm, said:

It is the Board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the Company’s leadership position in mobile technology and our future growth prospects.

Qualcomm CEO Steve Mollenkopf added:

No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry.  We are confident in our ability to create significant additional value for our stockholders as we continue our growth in these attractive segments and lead the transition to 5G.

Shares of Qualcomm were last seen up about 1.4% at $65.50, with a consensus analyst price target of $62.50 and a 52-week trading range of $48.92 to $70.24.

Broadcom shares were down fractionally at $263.33. The 52-week range is $160.62 to $281.80 and the consensus price target is $291.64.