Presiding Director Tom Horton also cited "significant regulatory uncertainty" around the proposed deal. Qualcomm is said to announce news of the $103 billion any minute now, but it might take a few days to trickle down to us in the real-world where $103 billion is unimaginable. The sources said Broadcom was preparing to submit a slate of directors by Qualcomm's December 8 nomination deadline.
Qualcomm has firmly rejected Broadcom's unsolicited offer to acquire the company, deeming the $130 billion offered as a "significant undervaluation". Broadcom says its proposal is a 28 percent premium over the closing price of Qualcomm common stock on November 2, the last "unaffected" trading day for the companies.
Broadcom could not immediately be reached for comment.
Qualcomm provides chips to carrier networks to deliver broadband and mobile data.
Qualcomm's shares have been weighed down by its nasty legal battle with Apple over patent royalties, fines from antitrust regulators and slow progress on its planned $38 billion acquisition of NXP Semiconductors.
Tan brought up combining the two companies with Qualcomm in August 2016, when Qualcomm's shares traded at significantly higher prices.
Qualcomm recommended shareholders spurn the deal, saying it's an opportunistic move by Broadcom to buy the wireless-chip maker on the cheap.
Overall, Broadcom's bid is a very ambitious attempt to grow its share of the market for components that go into mobile phones.