Shares of NXP Semiconductors (NASDAQ: NXPI) rose in extended trading Friday amid conflicting reports about whether Chinese regulators have approved Qualcomm's (NASDAQ: QCOM) proposal to acquire the smaller chipmaker.
NXP shares spiked in after-hours trading Thursday following reports from South China Morning Post and Bloomberg, both citing sources, that China's Ministry of Commerce approved the deal.
Shares opened Friday morning up $2.66, or 2.4%, to $115.67, while Qualcomm shares traded lower by 21 cents to $59.25. This, after Reuters, citing three sources, said China has not yet approved the acquisition.
Eight of nine required global regulators have approved Qualcomm's proposed $44-billion acquisition of NXP. China remains the only holdout, amid trade tensions with the U.S. over the deficit and intellectual property rights.
Qualcomm announced Friday that Qualcomm River Holdings B.V., an indirect wholly-owned subsidiary of Qualcomm, has extended the offering period of its previously announced cash tender offer to purchase all of the outstanding common shares of NXP
The tender offer is being made pursuant to the Purchase Agreement, dated as of October 27, 2016, by and between Qualcomm River Holdings B.V. and NXP, as amended, and is now scheduled to expire at 5:00 p.m., EDT, on June 22, unless extended or earlier terminated, in either case pursuant to the terms of the Purchase Agreement.
