Elliott boosts stake in NXP, says Qualcomm bid 'not even in the right zip code'

|About: NXP Semiconductors (NXPI)|By:, SA News Editor

Elliott Advisors says it now holds a 6.6% stake in NXP Semi (NASDAQ:NXPI).

In a letter to NXP shareholders, firm says NXP "is of significant strategic importance to Qualcomm," and that an acquisition "will deliver substantial value to Qualcomm shareholders at prices meaningfully higher than Elliott’s own assessment of standalone intrinsic value of $135 per share." QCOM's current offer is $110/share.

Read the full letter here (.pdf). Elliott also published a UBS analysis of NXPI's value, found here (.pdf).

NXPI +0.4% premarket.

Subscribe for full text news in your inbox