January 16, 2018 / 1:49 PM / 7 months ago

NXP shareholder Ramius to reject Qualcomm's buyout offer

(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

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