And many shareholders are unlikely to make a decision while there is political uncertainty around the deal. Hanging over it is an investigation by the European Commission's competition directorate on whether it will allow the $39 billion deal or not. Qualcomm has already made a number of concessions, according to reports, but the ruling may not come until early in 2018 (see Europe halts review of Qualcomm's takeover of NXP).
There is a distinct possibility that the European Commission will rule against allowing the deal but even if it does give the OK, another quarter will have passed likely sending NXP's stock price higher. This gives more time for NXP CEO Rick Clemmer and the private equity interests that own a substantial part of NXP to imagine some alternative futures for the company. Perhaps even as an acquirer of other companies.
There is plenty of analyst and broker "swirl" around the deal with some advising the sale of NXP shares on the grounds that the deal has taken too long already and is doomed and when it is abandoned NXP's price will fall back. Others are saying it is the time to buy the stock because once European Commission approval is received Qualcomm will increase its offer to close the deal.
Either way it seems unlikely that the deal will progress at the current share price. The problem for Qualcomm is that the deal is key to its future and it does not appear to have a plan B.
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