Broadcom made the offer just days after its CEO visited the White House to tout the company's plans to move its operations to the U.S.
Presiding Director Tom Horton also cited "significant regulatory uncertainty" around the proposed deal.
Qualcomm shares closed at $64.57 on Friday, while Broadcom ended at $264.96.
The deadline is December 8 for Broadcom to submit a slate of alternative candidates to Qualcomm's 11-member board of directors to push the deal through.
Broadcom could not immediately be reached for comment. According to Reuters, it is now trying to acquire NXP Semiconductors NV, an automotive chipmaker.
Broadcom doesnt care about the outcome of that deal it has stated that it wants to acquire Qualcomm with or without NXP. Qualcomm does not plan to significantly raise its price for NXP as a defensive strategy to make its acquisition by Broadcom more expensive, according to one of the sources.
Qualcomm, an early pioneer in mobile phone chips, supplies so-called modem chips to phone makers such as Apple, Samsung and LG that help the phones connect to wireless data networks.
The company's chief executive Steve Mollenkopf said: "No company is better positioned in mobile, IoT, automotive, edge computing and networking within the semiconductor industry".