Elliott says chipmaker NXP worth more than Qualcomm's offer

Reuters News
Posted: Dec 11, 2017 8:17 AM

(Reuters) - Activist investor Elliott Management Corp said on Monday that NXP Semiconductors NV <NXPI.O> is worth $135 per share on a intrinsic standalone basis, more than the $110 Qualcomm Inc <QCOM.O> has offered to buy the company.

Elliott Management, which has a stake of about 6 percent in NXP, told fellow shareholders in a letter that Qualcomm's offer was acting as a ceiling on NXP's valuation.

In August, Elliott indicated it was pushing for a higher price tag in NXP's pending $38-billion sale to Qualcomm.

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(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Savio D'Souza)