Communications chipmaker Broadcom Ltd on Monday said it offered to buy smartphone chip supplier Qualcomm Inc for US$70 per share or US$103 billion in cash and stock, in what would be the biggest technology acquisition ever.A tie up would combine two of the largest makers of wireless communications chips for mobile phones and raise the stakes for Intel Corp, which has been diversifying into smartphone technology from its stronghold in computers.Qualcomm is preparing to fend off the unsolicited offer, arguing it undervalues the company, people familiar with the plans have said. Qualcomm will argue that the proposal is an opportunistic move to buy the chipmaker on the cheap, the people said, and it will likely recommend that shareholders reject it. In a statement Monday, Qualcomm said it would the proposal in order to pursue the course of action that is in the best interests of Qualcomm shareholders.
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