Qualcomm said Monday its board of directors has unanimously rejected a $105bn takeover bid from Broadcom, saying it dramatically undervalues Qualcomm and comes with significant regulatory uncertainty, The Wall Street Journal reports.

Last week, Broadcom made an unsolicited offer for Qualcomm in what would have been the largest technology takeover ever. The combination would create a massive company whose chips would manage communications for consumer devices and appliances, phone-service providers and data centres.