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Poor, Qualcomm. It just can’t seem to get any love from the shareholders of NXP Semiconductors, who seem to be growing increasingly reluctant to accept the company’s acquisition bid.

Today, Qualcomm announced that it had extended the period for its latest offer to acquire NXP by another week to March 23. The latest bid to buy the company — for $44 billion — was set to expire today.

Qualcomm original offered to buy NXP back in October 2016, but NXP shareholders were less than enthusiastic. As Qualcomm tried to fend off the hostile takeover bid from Broadcom, Qualcomm raised its bid for NXP from $39 billion to $44 billion in February. Broadcom didn’t want NXP, and cinching the deal was seen as a way for Qualcomm to block the hostile takeover effort.

But then President Trump blocked Broadcom’s bid for Qualcomm, citing national security issues, which seemed to clear a path allowing Qualcomm to finally close the NXP deal.

Yet despite the removal of Broadcom from the picture and an increased offer, Qualcomm doesn’t seem to be making much progress.

In the latest press release today, Qualcomm said that as of Thursday, 56,605,079 NXP shares had been “tendered,” meaning that about 16.5 percent of the shares had agreed to accept the deal. A week ago, Qualcomm said that number was 65,276,925 NXP shares, or 19 percent. That is the not the direction Qualcomm hoped this would be going.

With Qualcomm losing numbers, it could face a situation in which it either has to pay significantly more or drop the bid entirely.

If the latter happens, Qualcomm has said it would increase share buybacks to support its own share price. But the problems closing the deal are just the latest indication of trouble for a company that has seen revenues drop for three straight years and is facing some significant legal disputes.


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