The $130 billion bid from chipmaker Broadcom to buy out rival Qualcomm has officially been rejected by the company, with directors unanimously voting to reject the offer – but it may not be over yet.

The unexpected offer last week to buy out Qualcomm was rejected with Qualcomm chairman of the board Paul Jacobs saying

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.

The $70USD per Share in cash and stock offer has been rejected by the companies board but that may not be the end of it.

Reuters is reporting that a source has told them that Broadcom could increase their offer, or in a more hostile takeover bid, Broadcom could possibly looking at having directors replaced on the Qualcomm board to force them to either talk with them or put the offer to a vote with shareholders.

Source: Qualcomm.
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    It would be good to know how much does Broadcom already own of the company. They must own a fair bit to force directors on the board.