Earlier this month there were reports that Qualcomm could be acquired, and just last week it was confirmed that Broadcom would be the company looking to takeover the company in which they have made a bid for Qualcomm worth a whopping $130 billion. Now that is a lot of money, but apparently it isn’t enough.

According to a report from Reuters, it seems that Qualcomm is looking for a way to reject Broadcom’s takeover bid. The report claims that Qualcomm’s CEO Steven Mollenkopf has been speaking to various Qualcomm shareholders asking for their feedback, and feels that the $70 per share offered by Broadcom is undervaluing the company, and does not take into account the uncertainty in getting approved by regulators.

Assuming this is true, things could get pretty messy as Broadcom’s CEO Hock Tan had previously stated that he is open to a takeover battle. Reuter’s sources also claim that Broadcom was preparing to submit a slate of directors that would allow the company’s shareholders to vote to replace the current board of directors, which in turn could see a new board of directors that would be more favorable towards Broadcom’s takeover bid.

Alternatively Reuter’s source also suggests that Broadcom could raise its bid for Qualcomm, although it is unclear which route the company plans to take. That being said, all of this could be decided as early as next week, with Qualcomm’s board of directors reportedly planning on meeting on Sunday to review the offer and come up with a strategy.

Filed in General >Rumors. Read more about broadcom and Qualcomm.

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