This indicates that investors are paying attention to activist investor Elliot Management, which owns a 6% stake in NXP and claims that Qualcomm's offer undervalues the chipmaker. In late June, Morgan Stanley analyst Craig Hettenbach said that Qualcomm could raise its bid by up to 10%. The following month, Susquehanna analysts reported that some NXP investors wanted Qualcomm to pay "up to $130 per share."