Broadcom recently made an unsolicited $105 billion offer to acquire Qualcomm even though the chipmaker isn’t up for sale. The hostile bid was not well received by the company’s board which not only rejected it but all of Broadcom’s nominees for seats on its board. It was reported that Broadcom could sweeten the deal to convince some major Qualcomm stakeholders and the company today submitted what it says is its “best and final” offer worth about $121 billion.

The new deal retains the cash part at $60 per share as it was in the initial bid, that’s what shareholders will be given per share of Qualcomm stock, and it will now give them $22 in Broadcom shares to complete the full offer of $82 for every Qualcomm share.

This represents a premium of 50 percent over the price that Qualcomm was trading at on November 2nd when the unsolicited bid was first confirmed. Qualcomm has confirmed that it has received the revised proposal and it’s going to respond after reviewing the offer.

If a deal is reached, it’s going to be the largest tech deal in history. Broadcom has also said that it’s open to increasing the cash part of the deal if the transaction isn’t completed within a year of a definitive agreement. It has also proposed to pay Qualcomm a “reverse termination fee” of up to $10 billion if regulators block the deal.

Investors in both companies and market analysts will be watching Qualcomm’s response closely now.

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