Broadcom reiterated its commitment to completing its proposed acquisition of Qualcomm, despite the rejection of its record $130 billion bid.

Earlier today, Qualcomm’s board dismissed the $70 per share offer as unacceptable as it “dramatically undervalued” the company.

However, in a statement made hours later, Broadcom confirmed it was “encouraged” by the reaction it had from Qualcomm shareholders and wanted to “engage cooperatively” with Qualcomm’s board of directors and management team.

Broadcom did not discuss increasing its offer, though rumours in the media over the weekend suggested the company had mulled raising its bid.

In a short statement, Broadcom president and CEO Hock Tan said: “This transaction will create a strong, global company with an impressive portfolio of industry-leading technologies and products, and we have received positive feedback from key customers about this combination.”

“We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction. 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.”

Broadcom tabled its $130 billion bid for Qualcomm last week – the largest sum offered for a listed technology company. Should the transaction eventually go through, it would be one of the largest deals ever struck.