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But the question of when still remains.

The Qualcomm Board of Directors unanimously rejected a revised $121 billion buyout offer from Broadcom.

Qualcomm had rejected Broadcom's first unsolicited $103 billion acquisition offer in November, without engaging further.

On Monday Broadcom increased its offer by $12 per share to $60 in cash and $22 in Broadcom stock. Qualcomm's Jacobs notes in his missive, that if his company agrees to be purchased by Broadcom and US regulatory agencies block the deal from going through "Qualcomm would be enormously and irreparably damaged".

Jacobs, however, opened the door to talks to discuss "the significant issues that remain unaddressed" in the hostile proposal adding that the Qualcomm board "is committed to exploring all options for maximizing shareholder value". "It is also indisputable that if Qualcomm entered into a merger agreement and, after an extended regulatory review period the transaction did not close, Qualcomm would be enormously and irreparably damaged".

Tan expressed astonishment at his company regarding Qualcomm not willing to meet until Tuesday. Broadcom is expected to put its own nominees up for election to Qualcomm's board of directors, Reuters reported. In a presentation on its website, Broadcom criticized the performance of Qualcomm's management, saying Qualcomm's "business model has been broken for a long time" and that the company's stock has significantly underperformed peers.

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It believes Broadcom needs to offer a "hell-or-high-water" legal commitment to complete the deal irrespective of divestitures that antitrust watchdogs around the world may require.

Qualcomm says only 1.5% of NXP common share "have been validly tendered pursuant to the tender offer and not properly withdrawn". Scrutiny from regulators may interfere with the acquisition and decide that by buying Qualcomm, it would have too much power in the semiconductor landscape.

However, for the deal to happen, just a nod from Qualcomm is not enough.

It cited what it said was a lack of value ascribed to Qualcomm's acquisition of NXP, the resolution of licensing disputes and its opportunity in 5G.

The two companies also said they plan to work together on a "multiyear strategic relationship" for Qualcomm'schips that will aid the "transition to 5G".

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