Qualcomm has now officially rejected Broadcom's takeover offer of $121 billion after initially rejecting its first offer of $105 billion. The chipmaker's board members were unanimous in their decision, walking away from what would have been the largest acquisition in history.

In a statement, Qualcomm said the offer "materially undervalues" the company and "falls well short of the firm regulatory commitment" required to gain approval for such a takeover. Earlier this week, Broadcom raised its offer to $82 per share, and it called that its "best and final." It was a bump from the initial offer of $70 per share in November, which Qualcomm balked.

Qualcomm To Meet With Broadcom

As Bloomberg reports, Qualcomm apparently offered to meet with Broadcom to discuss the takeover bid, particularly to address issues to continue the conversation. Still, the rejection might put the final decision at the hands of Qualcomm's shareholders, who are set to vote on March 6.

"Your proposal is inferior relative to our prospects as an independent company and is significantly below both trading and transaction multiples in our sector," said Paul Jacobs, executive chairman of Qualcomm.

Qualcomm: We Are Worth More

Qualcomm basically says it can eventually be worth more on the stock market than Broadcom's second offer. But in an open letter, Jacobs explains that while the board members unanimously shot down the offer, they were still willing to listen.

"[T]he Board is committed to exploring all options for maximizing shareholder value, and so we would be prepared to meet with you to allow you to explain how you would attempt to bridge these gaps in both value and deal certainty and to better understand the significant issues that remain unaddressed in your proposal."

Ultimately, Qualcomm doesn't think Broadcom's offer is all that appealing, especially if it seems that the company doesn't appreciate the value from its recent acquisition of NXP Semiconductor. It also believes Broadcom is underestimating the company's ability to excel at pushing 5G wireless technology to mainstream, which could be instrumental to the plight of internet-of-things devices.

But suppose the deal actually happens, it remains unclear whether it will even go through. Scrutiny from regulators may interfere with the acquisition and decide that by buying Qualcomm, it would have too much power in the semiconductor landscape. Time, as always, will tell.

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