Broadcom this week made its “best and final offer” to purchase rival chipmaker Qualcomm and for the second time in as many tries, the company came up short.

Qualcomm on Thursday said its board unanimously rejected Broadcom’s revised acquisition offer which consisted of $60 per share in cash and $22 per share in Broadcom stock. As before, Qualcomm’s board believes the latest offer undervalues Qualcomm and “falls well short of the firm regulatory commitment the board would demand given the significant downside risk of a failed transaction.”

Qualcomm isn’t ready to throw in the towel, however, as the company has offered to meet with Broadcom so they can explain how they would bridge the gaps in both value and deal certainty. Specifically, Qualcomm wants to know:

  • What is the true highest price at which you would be prepared to acquire Qualcomm? Is it $82 per share or is it higher?
  • Is Broadcom willing to commit to take whatever actions are necessary to ensure the proposed transaction closes?

It’ll be interesting to see how Broadcom responds to the public letter, especially considering it said its last offer was its best and final offer. Does Broadcom want Qualcomm enough to pay more than the current $82 per share and will they be willing to back up the transaction with some sort of regulatory insurance?