More NXP Shareholders Tender Shares in Qualcomm Deal
By Austen Hufford
More shareholders of NXP Semiconductors NV (NXPI) have tendered their shares for a takeover by Qualcomm Inc. (QCOM) after Qualcomm raised its bid.
Last month, Qualcomm raised its bid to $44 billion and locked in key support from stakeholders.
Completing the purchase requires at least 70% of shares tendered. As of Friday, the percentage of shares tendered was 10.5%, up from about 1.5% of in early February.
Qualcomm has previously announced that it entered into binding agreements with nine NXP stockholders who collectively own more than 28% of outstanding shares to tender their shares.
Qualcomm also said Monday that it is, again, extending the length of its tender offer to buy NXP Semiconductors NV.
The offer will now expire March 9 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 at the end-of-day Monday.
Broadcom Ltd. (AVGO) has also been trying to buy Qualcomm in a hostile takeover of that company. Recently, the U.S. government ordered Qualcomm to delay its shareholder meeting this week to provide it more time to review rival Broadcom's proposed $117 billion takeover.
Shares of NXP were inactive in premarket trading as shares of Qualcomm fell 1.5%.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
March 05, 2018 08:16 ET (13:16 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.