Monday 27 March 2023

Chip maker NXP shares shoot up after Qualcom sweetens offer

An NXP wafer: Photo NXP

Shares in big Dutch chips maker NXP shot up by 5% on the US technology exchange Nasdaq on Tuesday after its US peer Qualcomm raised its bid for the company to €43bn from €39bn.

Qualcomm lost only 1.3% in Nasdaq trading after the sweetened bid was announced, the Financieele Dagblad reported on Wednesday.

About six months ago the US chip maker was bidding $110 a share for NXP, valuing it at €39bn. NXP found that price too low but now NXP’s nine largest shareholders – including activist shareholder Elliott Management, agree with the latest offer, Qualcomm said.

If NXP shareholders can be persuaded to sell their shares, the transaction will be one of the largest-ever in the Netherlands. NXP has a worldwide payroll of 33,000, of whom 2,500 are located in the Netherlands in units at Eindhoven and Nijmegen. Qualcomm first brought out a bid for NXP in October 2016.

Both NXP and Qualcomm have developed important innovative technologies used in mobile phones. NXP was part of Dutch electronics giant Philips until 2006. The European Commission approved the transaction beteen Qualcom and NXP in January.

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