Qualcomm Inc.’s board rejected Broadcom Ltd.’s revised, $121 billion bid for the company, which Broadcom announced on Feb. 5. The San Diego technology company made its decision public after the market closed on Feb. 8.

“The board has unanimously determined that your amended offer materially undervalues Qualcomm and falls well short of the firm regulatory commitment the board would demand given the significant downside risk of a failed transaction,” Chairman Paul Jacobs said in a letter to Broadcom CEO Hock Tan.

“However, the board is committed to exploring all options for maximizing shareholder value, and so we would be prepared to meet with you to allow you to explain how you would attempt to bridge these gaps in both value and deal certainty and to better understand the significant issues that remain unaddressed in your proposal.”

Broadcom (Nasdaq: AVGO) says Qualcomm (Nasdaq: QCOM) is painting an overly optimistic picture of its future.

In November, Broadcom offered to buy Qualcomm for $70 per share. It raised its bid to $82 per share, consisting of $60 in cash and $22 in Broadcom stock.

Broadcom is also attempting a hostile takeover; it nominated its own slate of candidates for the Qualcomm board. Meanwhile, all of Qualcomm’s current directors are running for reelection. The board election culminates at Qualcomm’s annual meeting March 6.