Qualcomm Inc. is open to discussing a buyout offer from Broadcom Ltd. that "reflects the true value" of the chipmaker and better addresses concerns about regulatory hurdles to a deal, the company said on Friday.

Qualcomm and Broadcom executives met for the first time on Feb. 14 to discuss the existing acquisition offer.

Qualcomm's board maintained its view that Broadcom's existing $121 billion proposal materially undervalues the company and has an unacceptably high level of risk, and is not in the best interests of its stockholders.