Qualcomm executives wrapped up a two-hour meeting with Broadcom officials on Wednesday to discuss its $121 billion buyout offer for the San Diego wireless giant, the company announced.
There were no details about the substance of the talks. Qualcomm said its board of directors will "promptly meet to discuss the meeting and to determine next steps."
A company spokeswoman declined further comment.
Broadcom, which has been pursuing Qualcomm since November, raised its buyout bid from $70 per share to $82 per share last week.
Qualcomm's board rejected the offer as undervaluing its growth potential from 5G, its pending NXP Semiconductors acquisition and the eventual settlement of its bitter legal fight with Apple.
But Qualcomm did agree to meet with Broadcom for the first time to discuss the offer.
Qualcomm representatives reportedly "listened but did not engage," with Broadcom regarding its offer, according to a source familiar with the meeting.
Qualcomm has raised concerns about potential damage to its business during a lengthy review by global competition regulators of the massive deal -- which would be the largest ever in tech. The combined company would have a leading market position in many valuable components in smartphones.
In a statement, Qualcomm said representatives "listened carefully" to what Broadcom had to say.
Qualcomm Chairman Paul Jacobs, Presiding Director Tom Horton, Chief Executive Steve Mollenkopf, President Cristiano Amon, Chief Financial Officer George Davis, and General Counsel Don Rosenberg attended on behalf of the company.
A Broadcom spokesman said the company didn't have a comment.
After Qualcomm's board rejected its original $70 per share offer, Broadcom nominated an alternative slate of candidates that would give it control of Qualcomm's board of directors to pursue a deal.
Qualcomm's shareholders are scheduled to vote for either Broadcom's candidates or Qualcomm's existing board by its annual shareholder meeting on March 6.
Qualcomm's shares ended trading Wednesday up 1 percent at $66.59 on the Nasdaq. Broadcom's shares were also up about 1 percent at $247.66.
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