Meanwhile, Broadcom appears ready to handle this kind of resistance. It's considering raising its bid, Reuters' sources said, and it's hoping to submit its own selection of directors for Qualcomm's board. If shareholders want a deal, they could vote for new board members and force the company to come to the negotiating table.

Neither company has commented on the report, but it wouldn't be shocking if Qualcomm held out. It knows that it has plenty of bargaining chips -- its Snapdragon processors are virtually ubiquitous in the smartphone world, and it has lots of clout in wireless infrastructure as well. Qualcomm may not completely object to the idea of a sale, but it knows it can at least try for a better deal before losing its independence.