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© nxp Business | December 12, 2017

Elliott believes NXP is worth more than Qualcomm is paying

Investor Elliott Management Corp says it believes NXP Semiconductors is worth about 23% more than the USD 110 offered by Qualcomm.
Elliott, who holds an economic interest in NXP with its 6% shares ownership, says in a letter to shareholders that it believes NXP is worth USD 135 per share.

In making its case Elliott points to NXP being well positioned to benefit from some of the exciting growth engines of the semiconductor market.

“We believe NXP’s prospects are bright. Approximately half of NXP’s revenue is exposed to exciting growth engines of the semiconductor market – automotive and industrial,” Elliott stated in its letter to shareholders. “We believe NXP shareholders have the opportunity to unlock a material valuation gap that exists today.”

Qualcomm on the other hand does not agree.

“Elliott’s value assertion for NXP is unsupportable and is clearly nothing more than an attempt to advance its own self-serving agenda,” Qualcomm states in a response to Elliott’s statements.

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January 20 2018 1:29 pm V9.1.4-1