(Reuters) – Mobile chipmaker Qualcomm Inc on Monday rejected rival Broadcom Ltd’s $103-billion takeover bid, saying the offer “dramatically” undervalued the U.S. company.

A sign on the Qualcomm campus is seen in San Diego, California, U.S. November 6, 2017. REUTERS/Mike Blake

Shares of Qualcomm were up 1 percent at $65.25 in premarket trading, while those of Broadcom fell 0.7 percent to $263.

“After a comprehensive review, conducted in consultation with our financial and legal advisors, the Board has concluded that Broadcom’s proposal dramatically undervalues Qualcomm and comes

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