The merged companies could become the third-largest chipmaker in the world.
The move would combine two of the largest makers of wireless communications chips for mobile phones and could pose a significant competitive threat to Intel, which has been looking to diversify into smartphone technology.
According to CNBC, Broadcom brought the offer to Qualcomm privately more than a year ago but was rebuffed.
Qualcomm is preparing to fend off the unsolicited offer, arguing it undervalues the company, people familiar with the plans have said.
According to sources Qualcomm is not aware of the details of Broadcom's bid and the company has yet to make any comment.
Broadcom and Qualcomm are no strangers to acquisitions, with the pair in talks to complete multibillion-dollar deals.
Qualcomm said in a statement Monday morning that it had received the offer and its board of directors would be reviewing it. Here's a wrap of what they've said so far.
President Donald Trump appeared with Broadcom Corp.
"We would not make this offer if we were not confident that our common global customers would embrace the proposed combination, and we do not anticipate any material antitrust or other regulatory issues that would extend the normal timetable for closing a transaction of this nature".
Many analysts are saying Broadcom is making the play while Qualcomm's business is weaker than usual, as it continues its legal battle with Apple and saw its shares tumble as the company threatens to remove its chips from its smartphones.
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