Now the fate of the NXP transaction — which Qualcomm has argued was all but a done deal — has been somewhat clouded. Qualcomm is in the midst of a tender offer to buy out NXP shareholders but has collected only a fraction of stock. Qualcomm has asserted that the deal, which is still awaiting approval from all relevant antitrust authorities, was on track and that shareholders would most likely sign on toward the end of the tender offer. But Elliott is hoping to persuade more investors to hold out, arguing that NXP is worth much more. Elliott argued in a presentation that the market has not fully appreciated how much of a revival NXP's business has enjoyed, particularly after the company fully processed its acquisition of another chip maker, Freescale Semiconductor. The hedge fund argued that Qualcomm's takeover bid effectively serves as a cap on how high NXP's shares can go, though $135 a share is far higher than the stock's historic high.