Qualcomm and Broadcom, two chipmakers whose stock values have been going in opposite directions in recent times, are engaged in a rather public takeover disagreement: last week, Broadcom put in a record-breaking bid of $130 billion, which Qualcomm has today rejected. A unanimous decision from Qualcomm’s board of directors expressed the company’s belief that Broadcom’s offer “dramatically undervalues Qualcomm,” and moreover, “comes with significant regulatory uncertainty.” Qualcomm’s leaders believe the company is well positioned to “lead the transition to 5G” — which is true, provided Qualcomm can square away its legal dispute with Apple and maintain its dominance over the Android processor market — and after a thorough investigation of the unsolicited Broadcom offer, they decided that they can add more value for their shareholders by continuing to execute their existing strategy.

The note about “dramatically undervaluing” the company does give a hint that Qualcomm’s board may be receptive to higher offers from Broadcom, should any be forthcoming. If this is a negotiation tactic, it’s an unusually public one, as most of these large-scale deals tend to be worked out behind closed doors and without the release of official statements until matters are well and truly concluded.