Semiconductor giant Qualcomm on Monday said it rejected the $130 billion unsolicited merger bid from fellow chip maker Broadcom.

Qualcomm's board unanimously rejected the bid which CEO Paul Jacobs said "significantly undervalues" his company's position and growth prospects.

Singapore-based Broadcom made the offer last week in what would have consolidated two major players in the booming sector fueled by growth in smartphones and other connected devices.