Elliott (6% holder) believes NXP Semiconductors Is worth $135 a share
- Elliott believes that NXP is worth $135 per share on a standalone basis without any control premium and that the Company is well positioned to benefit from some of the exciting growth engines of the semiconductor market;
- Elliott believes Qualcomm’s offer of $110 per share is acting as a ceiling on NXP’s valuation – NXP’s peers1 have traded up 65% since rumors of Qualcomm’s interest arose,2 outperforming NXP by 25%; and
- Qualcomm’s offer was highly opportunistic – as a result of certain identifiable temporary circumstances, NXP’s stock price was depressed in 2016 and Qualcomm’s $110 per share offer took advantage of those anomalies.