Renewing its offer to take over Qualcomm, semiconductor manufacturer Broadcom has submitted what it calls the "best and final" bid of $121 billon to acquire the rival chipmaker -- offering $82 a share -- up from about $70 previously, a media report said.

Hoping to unseat Qualcomm's entire board, Broadcom raised the stakes a month before Qualcomm's annual shareholder meeting, the New York Times reported late on Monday. 

"Any rational board would consider what we've put forward," Hock Tan, Broadcom's Chief Executive, was quoted as saying.

The move could see Broadcom becoming a tech giant whose products would be used in nearly all of the world's smartphones.

The Semiconductor Industry Association on Monday said that global chip sales surged 21.6 per cent to $412.2 billion in 2017.

Qualcomm, which has locked horns with Apple over patent licensing practices, sells both chips and charges a patent royalty for nearly all smartphones sold globally. 

"Broadcom went after Qualcomm's business model on Monday in a voluminous set of slides and has indicated it would seek to make peace with Apple, which is a major Broadcom customer for other types of wireless chips," the report said.

Interestingly, some major Chinese manufacturers have expressed concerns about the deal due to Broadcom's track record of cutting spending on research and raising chip prices.

"We have a lot of respect for the tech and the innovation that comes with the 5G technology. But we believe, given our track record, we can do much more," Tan said.

According to the report, Samsung also appeared to be siding with Qualcomm.