Shares of NXP Semiconductor (NXPI), Qualcomm (QCOM) and Broadcom (AVGO) are in focus after Elliot Advisors said Qualcomm’s takeover bid “is acting a ceiling on NXP’s valuation” and Broadcom reaffirmed its commitment to a Qualcomm transaction.

ELLIOTT SAYS NXP WORTH $135 PER SHARE: Elliott Advisors, which has a stake of about 6% in NXP, released a letter to shareholders and a presentation making the case that it believes NXP is worth $135 per share on an intrinsic standalone basis. The hedge fund it believes NXP’s “prospects are bright. Approximately half of NXP’s revenue is exposed to exciting growth engines of the semiconductor market –automotive and industrial.” Elliott, which said Qualcomm’s offer of $100 per share is “acting as a ceiling on NXP’s valuation,” has retained UBS to conduct a financial analysis on NXP and that it would share the report with other shareholders “shortly.”

QUALCOMM RESPONDS: Qualcomm issued a statement in response which said it believed that the agreed-upon price of $110 is “full and fair,” and that it remained “fully committed” to closing the acquisition of NXP. “Elliott’s value assertion for NXP is unsupportable and is clearly nothing more than an attempt to advance its own self-serving agenda,” Qualcomm stated.

BROADCOM’S PROPOSED TAKEOVER OFFER TO QUALCOMM: Since offering to buy NXP, Qualcomm has been the target of an acquisition approach from Broadcom. On November 6, Broadcom announced a proposal to acquire Qualcomm in a transaction valued at approximately $103B on a pro forma basis. The company said the proposal stands whether Qualcomm’s acquisition of NXP is consummated on the current terms or the transaction is terminated. On November 13, Qualcomm said its board rejected the unsolicited proposal. “It is the board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the company’s leadership position in mobile technology and our future growth prospects,” said Paul Jacobs, chairman of the board.