Broadcom has piled on the pressure on rival chipmaker Qualcomm with an increased “best and final” takeover offer of around $121bn. The offer breaks down to $82 per Qualcomm share, consisting of $60 in cash and $22 in Broadcom shares.

Should the deal go through, it would be the largest ever tech acquisition, and would mean that one chip company would be at the heart of many smartphones, laptops, and game systems.

“The Qualcomm Board of Directors, in consultation with its financial and legal advisors, will review the revised proposal to determine the course of action it believes is in the best interests of the Company and its stockholders,” said Qualcomm in a statement. “Qualcomm will have no further comment on the proposal until its Board of Directors has completed its review.”

The improved offer is a 50 per cent premium over Qualcomm’s common stock closing price on 2 November 2017 – which was the last unaffected day of trading before media speculation begun surrounding the potential deal.

Broadcom’s initial offer on 13 November 2017, which was rejected unanimously by Qualcomm’s board, was to acquire Qualcomm for $60 in cash and $10 in Broadcom stock.