Broadcom raises its Qualcomm offer to $121 billion

Broadcom raised its takeover bid for its rival chipmaker Qualcomm to about $121 billion Monday, piling pressure on Qualcomm to agree to what would be the biggest-ever takeover in the technology industry.

In offering $82 a share, San Jose’s Broadcom raised the stakes a month before Qualcomm’s annual shareholder meeting, at which it hopes to unseat the entire board. The bid, according to Broadcom, is its “best and final” offer.

“Any rational board would consider what we’ve put forward,” Broadcom CEO Hock Tan said.

The move comes at a time of consolidation in the chipmaking industry, and would create a tech giant whose products would be used in nearly all of the world’s smartphones.