There's a pretty solid chance the phone in your pocket is powered by Qualcomm's silicon, and Broadcom wants a piece of that. Broadcom is so interested that it sent an unsolicited acquisition offer to Qualcomm last week. The chip maker acknowledged receipt of the offer, but today it officially announced that it's not interested.

Broadcom offered $60 for every outstanding share of Qualcomm, plus an additional $10 in Broadcom stock. That worked out to a record-breaking $130 billion, but Qualcomm isn't having it. Qualcomm has released a statement saying Broadcom's offer "significantly undervalues" the company. Thus, the board unanimously voted to reject Broadcom's proposal.

It's interesting to note that Qualcomm didn't just come out and say, "we're not for sale." Instead, there's this talk about the true value of Qualcomm's business. That could indicate Qualcomm is open to more generous buyout offers, but it's unclear how much more Broadcom would be willing to spend. Qualcomm also pointed out there could be regulatory hurdles to the proposed buyout, so it may be fishing for some sort of guaranteed payout in the event such a deal is blocked.