January 16, 2018 / 1:45 PM / a year ago

NXP shareholder Ramius to reject Qualcomm's buyout offer

Jan 16 (Reuters) - NXP Semiconductors NV shareholder Ramius Advisors LLC said on Tuesday it would reject chipmaker Qualcomm Inc's $38 billion bid for the company, joining activist investor Elliott Management Corp.

Ramius, which is an affiliate of Cowen Inc, 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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