NXP shareholder Ramius to reject Qualcomm's buyout offer

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

(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.

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