Elliott buys NXP stake, raising pressure on Qualcomm

Nieuws Algemeen Wereld 7 AUG 2017
Elliott buys NXP stake, raising pressure on Qualcomm

The activist investor Elliott Management has acquired a 6 percent stake in chipmaker NXP Semiconductors and said it would push for a higher price from Qualcomm in its takeover of NXP. Elliott's stake, valued at USD 2.2-2.3 billion, makes it NXP's largest shareholder, Reuters reports.

Elliott said that it believed NXP's shares were "significantly undervalued". Qualcomm has already extended its offer several times, as take-up to date has been low. It expects to close the deal by year-end. 

NXP shares are trading just above Qualcomm's USD 110 per share offer, suggesting other investors also expect Qualcomm to improve its offer. 

Categories:

Algemeen

Companies:

Qualcomm,  NXP Semiconductors

Regions:

Wereld

Tags:

Semiconductors, Shareholders & subsidiaries, Wholesale, M&A buyouts & divestments

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