Broadcom made an unsolicited bid last week to buy Qualcomm in an effort to become the dominant supplier of chips used in the 1.5 billion or so smartphones expected to be sold around the world this year. Analysts said Broadcom can now raise its bid, go for a proxy fight or launch a hostile exchange offer. "Qualcomm's 'thanks, but no thanks' response to the unsolicited bid by Broadcom isn't surprising and we would be surprised if at this point, Broadcom didn't move forward with a proxy fight," Loop Capital analyst Betsy Van Hees told Reuters. If Broadcom makes a hostile bid, Qualcomm's governance rules would allow the rival to submit its own slate for the entire 11-member board by the 8 December nomination deadline. The easiest option, however, would be to talk to Qualcomm's board and agree on a higher price.