A subsidiary of Qualcomm Inc. has extended to April 2 its cash tender offer to acquire all outstanding common shares of NXP Semiconductors NV.
The tender offer will now expire at 5 p.m. ET on April 2, unless extended or terminated earlier. A total of 51,995,023 NXP shares, representing about 15.1% of NXP Semiconductors' outstanding common shares, were validly tendered and not properly withdrawn as of 5 p.m. ET on March 22, according to the American Stock Transfer & Trust Co. LLC, the depository for the tender offer.
Qualcomm and NXP are collaborating closely to seek additional time to complete the transaction from the Federal Trade Commission. Under the Hart-Scott-Rodino Antitrust Improvements Act, current clearance for the transaction will expire April 3. Regulatory approval to complete a transaction expires one year after clearance is obtained.
Qualcomm raised its offer for NXP Semiconductors to $127.50 per share from $110.00 per share in February.