Elliott Makes Public UBS Valuation Report
December 13 2017 - 8:00AM
Business Wire
UBS Valuation Report supports Elliott’s view
that NXP’s standalone value is well in excess of Qualcomm’s
offer
Elliott responds to Qualcomm’s statement
regarding the fair value of NXP
The report can be viewed at
www.FairValueForNXP.com
Elliott Advisors (UK) Limited (“Elliott”), which advises funds
that collectively hold an economic interest in NXP Semiconductors
N.V. (NASDAQ:NXPI) (“NXP” or the “Company”) of approximately 6%,
today released the UBS Valuation Report delivered to it by UBS
Investment Bank (“UBS”) in which UBS estimates, as of the date of
the report, that the midpoint of the trading multiples valuation of
NXP’s shares is approximately $136.51 per share. Prior to the UBS
Valuation Report being delivered to Elliott, the report underwent
all UBS internal reviews that are customary in relation to UBS
providing such a valuation report or opinion. Elliott encourages
fellow shareholders to review the UBS Valuation Report and consider
the analyses presented.
In response to Qualcomm’s claim that Elliott’s value assertion
is “unsupportable,” Elliott directs Qualcomm and other interested
parties to Elliott’s presentation released shortly before
Qualcomm’s statement on Monday, December 11, which is available to
view and download at www.FairValueForNXP.com. As detailed in the
presentation, Elliott’s assessment of NXP’s valuation is based on
extensive due diligence which has included input from numerous
industry experts and advisors.
In addition, Elliott has today released the UBS Valuation
Report, in which UBS estimates the value range of NXP’s shares on a
trading basis to be approximately $120 to $150 per share. Elliott
believes this report provides further evidence that its valuation
is well supported and fair.
Elliott has now published both its own analysis and the analysis
of UBS, each of which supports its assessment of NXP’s valuation.
Elliott encourages Qualcomm to publish the analysis it has
undertaken to support its assertion that $110 is “full and
fair.”
Interested parties are invited to visit Elliott’s website,
www.FairValueForNXP.com, to receive additional information and to
sign up for future updates.
About Elliott
Elliott Management Corporation manages two multi-strategy funds
which combined have approximately $34 billion of assets under
management. Its flagship fund, Elliott Associates, L.P., was
founded in 1977, making it one of the oldest funds of its kind
under continuous management. The Elliott funds’ investors include
pension plans, sovereign wealth funds, endowments, foundations,
funds-of-funds, high net worth individuals and families, and
employees of the firm.
________________________
1 Mid-point of trading multiples valuation ranges (average of
2018/19 P/E, EV/EBITDA and EV/OpFCF) as set forth in more detail in
the UBS Valuation Report
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171213005534/en/
MediaElliott Advisors UKSarah Rajani CFA+44 (0) 20 3009
1475srajani@elliottadvisors.co.uk
Elliott Management CorporationStephen Spruiell+1 212 478
2017sspruiell@elliottmgmt.com
NXP Semiconductors NV (NASDAQ:NXPI)
Historical Stock Chart
From Mar 2024 to Apr 2024
NXP Semiconductors NV (NASDAQ:NXPI)
Historical Stock Chart
From Apr 2023 to Apr 2024