Qualcomm, Broadcom plan to meet on February 14

A sign on the Qualcomm campus is seen in San Diego California

As previously reported, the value of the transaction equates to $60 per share in cash, with an additional stock component taking the total value to $82 per share - a big increase on the original offer of $70.

Broadcom had requested last week to meet over the weekend, but has now agreed to meet on Wednesday instead, the sources said on Sunday, asking not to be identified because the meeting's details are not public.

U.S. chipmaker Broadcom has agreed record-breaking syndicated loans of up to US$100bn with 12 banks to finance its proposed US$121bn acquisition of Qualcomm, the company said on Monday.

According to Reuters' sources, Qualcomm and its semi-conductor suitor will meet for the first time on Wednesday to discuss the $121 billion United States dollars acquisition offer.

Qualcomm responded on Thursday that unless Broadcom will agree to do whatever is necessary to ensure the deal closes, a commitment to divestitures without restrictions often referred to as "hell or high water", it would have to be extremely clear and specific about what actions it would refuse to take.

Last week, Broadcom upped its offer for Qualcomm to $121bn after its earlier bids were rejected by the chipmaker.

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Tan said Broadcom is willing to pay an $8 billion "regulatory reverse termination fee" if the deal fails to win approval and to pay six percent interest as a "ticking fee" on the cash portion of the deal if it is not approved within 12 months.

As part of its attempt to take over Qualcomm, Broadcom made a slate of board of director nominations.

Qualcomm shareholders are scheduled to vote on the nominations on March 6.

However, Qualcomm responded that the new offer still "undervalues" the company, particularly the promise of its 5G technology.

"Your proposal is inferior relative to our prospects as an independent company and is significantly below both trading and transaction multiples in our sector", said Paul Jacobs, executive chairman of Qualcomm.

He goes on to say that "the Board is committed to exploring all options for maximizing shareholder value", and that that they would be ready to meet in order to address the "gaps in both value and deal certainty and to better understand the significant issues that remain unaddressed".

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