January 16, 2018 / 1:47 PM / in 5 months

NXP shareholder Ramius to reject Qualcomm's buyout offer

Reuters Staff

1 Min Read

(Reuters) - NXP Semiconductors NV (NXPI.O) shareholder Ramius Advisors LLC said on Tuesday it would reject chipmaker Qualcomm Inc’s (QCOM.O) $38 billion bid for the company, joining activist investor Elliott Management Corp.

FILE PHOTO - A man works on a tent for NXP Semiconductors in preparation for the 2015 International Consumer Electronics Show (CES) at Las Vegas Convention Center in Las Vegas, Nevada, U.S. on January 4, 2015. REUTERS/Steve Marcus/File Photo

Ramius, which is an affiliate of Cowen Inc (COWN.O), said it had informed NXP that Qualcomm’s offer “dramatically” undervalued the company.

The New York-based institutional asset manager owned about 2.5 million shares, or less than a one percent stake, in NXP Semiconductors, according to Thomson Reuters data.

Reporting by Muvija M in Bengaluru; Editing by Bernard Orr

Our Standards:The Thomson Reuters Trust Principles.

0 : 0

narrow-browser-and-phone
medium-browser-and-portrait-tablet
landscape-tablet
medium-wide-browser
wide-browser-and-larger
medium-browser-and-landscape-tablet
medium-wide-browser-and-larger
above-phone
portrait-tablet-and-above
above-portrait-tablet
landscape-tablet-and-above
landscape-tablet-and-medium-wide-browser
portrait-tablet-and-below
landscape-tablet-and-below