Chip maker Broadcom on Wednesday reduced its offer to acquire rival Qualcomm in the wake of changes in a separate proposed Qualcomm merger.

Qualcomm on Tuesday announced a proposal to acquire NXP Semiconductors for more than $43 billion — reportedly a 16 percent increase over the price of those companies' original deal in October 2016.

Broadcom responded that the revised NXP agreement was "well beyond what Qualcomm has repeatedly characterized as a 'full and fair' price" and effectively transferred "approximately $6.2 billion of value" to NXP shareholders.

The following day, the company announced an adjusted offer of $79 per share instead of the $82 per share bid floated earlier this month.

"Despite this direct value transfer, Broadcom remains committed to delivering a value-maximizing offer to Qualcomm stockholders," Broadcom officials said in a statement.

The latest offer remains higher than initial $70 per share proposal announced late last year, but it falls below the $80 per share threshold believed to be sought by some prominent Qualcomm shareholders.

Qualcomm, meanwhile, continued to oppose the acquisition — even at the higher price and despite a meeting between the companies last week. Tom Horton, the company's lead director, told CNBC on Tuesday that the offer was "just not even close to what the value of the company is."

Broadcom reiterated its call for Qualcomm investors to elect its slate of candidates to the company's shareholder meeting next month.