© qualcomm NXP Business | February 20, 2018
Qualcomm ups its offer for NXP to $127.50 per share
The US chipmaker says it’s increasing its price for NXP to USD 127.50 per share, and at the same time lowers the minimum tender threshold to 70% of the outstanding shares.
Qualcomm River Holdings B.V., an indirect wholly owned subsidiary of Qualcomm, has reached an agreement with NXP Semiconductors to increase its offer to USD 127.50 per share to purchase all outstanding shares of NXP. The amended agreement, which was approved by the boards of directors of both companies, also lowers the minimum tender condition from 80% of NXP's outstanding shares to 70%. Qualcomm has also entered into binding agreements with nine NXP stockholders who collectively own more than 28% of NXP's outstanding shares to tender their shares at the same price per share. These stockholders include funds affiliated with Elliott Advisors (UK) Limited and Soroban Capital Partners LP. The increased price reflects the current value drivers for NXP. "With only one regulatory approval remaining, we are working hard to complete this transaction expeditiously. Our integration planning is on track and we expect to realize the full benefits of this transaction for our customers, employees and stockholders," Steve Mollenkopf, CEOof Qualcomm Incorporated, says in a press release. Tom Horton, Presiding Director of the Qualcomm Board of Directors, said, "The acquisition of NXP will enable us to accelerate our growth strategy. The Board unanimously believes this is an attractive acquisition at this price for Qualcomm stockholders based on NXP's recent strong financial performance, the growth in key strategic areas such as Auto and IoT and our high confidence in management's ability to execute upon the synergy opportunities."
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