Broadcom Ltd will reportedly make a new approximately $120 billion offer for Qualcomm Inc on Monday.

The new offer values Qualcomm between $80 and $82 per share, Bloomberg and Reuters reports. Broadcom's previous $70 per share offer consisted of $60 per share in cash and $10 per share in stock.

Broadcom and Qualcomm did not immediately respond to requests for comment.

The move comes ahead of a Qualcomm shareholder meeting scheduled for March 6, when Broadcom is seeking to replace Qualcomm's board of directors by nominating its own slate for election.

Broadcom is confident a deal can be completed within 12 months of signing an agreement. Qualcomm counters that the regulatory review processes required around the world would take more than 18 months and be fraught with risks.