The proposed offer is the largest deal ever in the tech industry, The Associated Press reports.
Under Broadcom's proposal, the $70.00 per share to be received by Qualcomm stockholders would consist of $60.00 in cash and $10.00 per share in Broadcom shares.
Citing sources, Bloomberg claimed that the Qualcomm board is likely to advise shareholders to reject the deal, while also claiming that any potential deal could run into regulatory problems.
Broadcom made an unsolicited $130 billion bid to buy rival chipmaker Qualcomm.
Including debt, the bid values the transaction at $130bn in total.
The deal represents a 28% premium to Qualcomm's share price prior to rumors of the deal which sent the stocks higher last week.
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Broadcom today (6 November) revealed a $105bn takeover bid for Qualcomm, a move that would see the creation of a giant in the chip-making world.
"The combined company will be positioned to deliver more advanced semiconductor solutions for our global customers and drive enhanced stockholder value", he added.
Qualcomm is now trying to close its pending $38-billion acquisition of NXP Semiconductors, a leading supplier of chips for vehicles that is also expanding into self-driving technology, and it is believed that Broadcom is open to acquiring NXP. Broadcom primarily focusses on Wi-Fi and Bluetooth chips.
Broadcom plans to move its headquarters exclusively to the United States, which would allow it to avoid review by the Committee on Foreign Investment in the United States, which reviews foreign ownership of US assets.
The deal stands regardless of the results of Qualcomm's $110 per share bid for NXP Semiconductors, Broadcom said in a news release.
Broadcom also could spin out Qualcomm's licensing arm, QTL, to get regulatory approval and funding for the deal, raising as much at US$25 billion from a sale, Nomura Instinet analyst Romit Shah suggested.