Broadcom shares rose 1.4 per cent to US$277.52 after touching a record of US$281.80.
"We are well advised and know what our options are, and we have not eliminated any of those options", said Tan, who has pulled off a string of deals over the past decade.
The move would combine two of the largest makers of wireless communications chips for mobile phones and could pose a significant competitive threat to Intel, which has been looking to diversify into smartphone technology.
The resulting tech company would control key components needed to make smartphones and is likely to face scrutiny from regulators.
Qualcomm has a (long) pending acquisition, of chipmaker NXP Semiconductors NV, in the works - and Broadcom notes that its offer is not dependent on whether or not Qualcomm manages to close with NXP on the now disclosed terms (it's offering ~$39BN for the Netherlands-based chipmaker which has a focus on car-related applications and also security-based identification). Broadcom already provides designs for Wi-Fi and Bluetooth chips, and by bringing in Qualcomm it will be able to encompass LTE and 5G capabilities.
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"Based on what I've seen, it seems unlikely to me that there's a basis for a challenge (to stop the deal)", he said.
A year ago, the company entered a $5.5 billion agreement to merge with US network provider Brocade Communications Systems, but that has been delayed while it's scrutinized by the Committee on Foreign Investment in the United States.
Broadcom said its proposal stands irrespective of whether Qualcomm's acquisition of NXP goes through or not.
Broadcom had US$5.25 billion in cash and cash equivalent as of July 30. We think NXP would also fit in reasonably well under the Broadcom umbrella, but we're surprised that Qualcomm's cash hoard isn't a requirement to fund Broadcom's bid.
Qualcomm said it would review the proposal. "It would value Qualcomm's equity at roughly $103bn".
The acquisition offer comes just days after President Trump announced that Broadcom would be moving its headquarters to the United States from Singapore and as Qualcomm is embroiled in a fierce legal battle with Apple.
Michael Fallon quits as defence secretary
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HTC Unveils U11 Life Under Google Android One Programme
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