NXP Semiconductors NV shares rose to a new record Friday after Elliott Associates said in a regulatory filing that Elliott, Elliott International and EICA collectively have combined economic exposure in NXP of approximately 6% of the shares. NXPI was up 1.5% at $112.39 recently, trading in a new 52-week range between $80.13 and $112.51. Elliott said that there are “numerous opportunities to maximize shareholder value” and that it has engaged, and intend to continue to engage in a dialogue NXP’s management, board, other shareholders or third parties, including possible buyers acquirers, service providers and financing sources.
It said it has engaged and will engage in discussions also regarding the pending deal with Qualcomm (QCOM). Last week, Qualcomm said it had extended its offer for NXP to Aug. 27 and that currently approximately 7.6% of NXP shares have been validly tendered in the offer. The offer is conditioned upon regulatory approvals as well as at least 80% of the shares being validly tendered.