Qualcomm’s board of directors on Monday unanimously rejected an offer from rival chip maker Broadcom to buy the company.

Last week, Broadcom made the unsolicited $103 billion offer that would have created the largest tech merger in history.

But as many analysts predicted, Qualcomm said the bid was too low.

“It is the Board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the Company’s leadership position in mobile technology and our future growth prospects,” Paul Jacobs, Qualcomm’s chairman of the board, said in a statement.

Both companies manufacture complementary smartphone components and a merger would represent a significant consolidation in the electronics industry.

Broadcom made the offer just days after its CEO visited the White House to tout the company’s plans to move its operations to the U.S.

Broadcom said on Monday that it remains “fully committed” to a takeover.

“We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction,” CEO Hock Tan said in a statement. “Many have expressed to us their desire that Qualcomm meet with us to discuss our proposal. It remains our strong preference to engage cooperatively with Qualcomm’s Board of Directors and management team.”

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