Shares of NXP Semiconductors N.V. tacked on 0.8% in premarket trade Monday, after shareholder Elliott Management Corp., said in a letter to shareholders that it believes NXP is worth $135 a share. That is well above the $110-a-share buyout bid by Qualcomm Inc. , which was made in October 2016. Last month, Elliott had hired UBS to help in its effort to get a higher bid from Qualcomm, including sounding out other potential bidders. In October, Qualcomm Chief Executive Steve Mollenkopf told The Wall Street Journal that he expected the NXP purchase to close on schedule by the end of the year. Meanwhile, Qualcomm is trying to fend off an unsolicited buyout bid from Broadcom Ltd. , which said its bid would stand whether Qualcomm’s purchase of NXP closes or not. Elliott said it advises funds that collectively own about 6% of NXP’s shares outstanding. NXP’s stock has closed above Qualcomm’s $110-a-share bid price since July 27. It has rallied 17.6% year to date, while the PHLX Semiconductor Index has run up 36.6% and the S&P 500 has gained 18.4%.
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