Qualcomm, Seeking to Close Deal for NXP, Extends Tender Offer Again
By Austen Hufford
Qualcomm Inc. (QCOM) said Friday that it is, again, extending the length of its tender offer to buy NXP Semiconductors NV (NXPI).
The offer will now expire Feb. 23 at 5 p.m., the company said.
The deal was announced in 2016 and its length has been extended numerous times. The offer was previously slated to end Friday. Hedge fund Elliott Management has been pushing for a higher price in Qualcomm's proposed deal, which valued NXP at $39 billion, or $110 a share.
Completing the purchase requires at least 80% of shares tendered, but as of Thursday, the percentage of shares tendered was 1.5%.
Broadcom Ltd. has been trying to buy Qualcomm in a hostile takeover of the company.
Shares of NXP fell 1.3% in premarket trading as shares of Qualcomm rose 0.9%
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
February 09, 2018 08:36 ET (13:36 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.