Brooke Sutherland, Columnist

Your Move, Qualcomm

The activist's valuation may be on the high side, but a bump is in order.

December 11, 2017 at 5:18 PM UTC

Brooke Sutherland is Bloomberg News' Boston bureau chief and writes the Industrial Strength Newsletter. She was previously a Bloomberg Opinion columnist covering deals and industrial companies and an M&A reporter for Bloomberg News.

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Elliott Management Corp. is out with its number for what NXP Semiconductors NV is worth. It's likely higher than what Qualcomm Inc. is willing to pay.

Months after the activist investor took a stake in NXP and started urging behind the scenes for a higher takeout price from Qualcomm, Elliott on Monday released a public slide deck outlining its case. Elliott says Qualcomm swooped in opportunistically while NXP was struggling with a temporary sales drop and that the company shouldn't miss out on a stock surge that's benefited many of its peers since the deal was struck last October. In the meantime, Qualcomm has found itself the subject of both a protracted legal fight with Apple Inc. and an unwanted takeover offer and proxy fight from Broadcom Ltd.