This has led to some commentators saying that Qualcomm’s bid at $110 per share now undervalues NXP.
Qualcomm wanted to have 80 percent of NXP’s outstanding shares being validly tendered by February 6 but with the provision that the tender period would be extended until the 80 percent figure was reached or the purchase agreement abandoned.
Qualcomm said that as of close of business on February 3, 49,599,470 NXP common shares, representing 14.8 percent of the outstanding common shares had been tendered. There is speculation in the media that are lobbying for an improved offer.
Nonetheless on Jan 27, 2017 at an extraordinary general meeting of NXP shareholders all the items proposed relating to the tender offer were adopted with approximately 95 percent of the votes cast in favour of the proposals.
The deal is still subject to regulatory approvals in certain jurisdictions – and the changed administration in the United States may complicate matters there. Qualcomm said it expects the deal to close by the end of calendar 2017.
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