Qualcomm rejected Broadcom’s $105 billion acquisition offer on Monday, but the battle has just begun.

The company’s decision to decline what would be the biggest-ever tech deal simply postpones the inevitable proxy battle that will ultimately decide the fate of the chipmaker.

Qualcomm’s reason for saying no? It thinks it’s worth more than the present offer.

“It is the board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the Company’s leadership position in mobile technology and our future growth prospects,” executive chairman Paul Jacobs said in a release.

This story is developing. Check back for further updates.

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