Qualcomm Inc (NASDAQ:QCOM) has won the support of Elliott Management for its takeover of NXP Semiconductors NV after raising its bid.
The chip-maker has increased its offer to US$127.50 per NXP share, valuing its Dutch rival at US$44bn, which is US$6bn higher than its original bid.
Shareholders in NXP, which makes chips used in the car industry, have until March 5 to accept the offer.
Activist shareholders Elliott Management, which had called Qualcomm’s previous offer of US$110 a share as too low, said it was pleased that Qualcomm had recognized NXP’s value with the revised terms.
The latest move adds an interesting twist to Broadcom’s attempted takeover of Qualcomm, which thus far has received fairly short shift from Qualcomm’s management.
READ: Broadcom raises offer for rival Qualcomm to US$82 a share
Broadcom is offering US$82 a share for Qualcomm and says its offer won’t be raised, though it reserves the right to change its mind should a rival bidder emerge.
Qualcomm raises NXP offer to $44 billion as it seeks leverage against Broadcom https://t.co/3b75aULjWQ by @obrien
— VentureBeat (@VentureBeat) February 20, 2018