NXP Was a Popular Hedge-Fund Trade Before Its Qualcomm Deal Collapsed
27 Luglio 2018 - 5:21PM
Dow Jones News
By Rachael Levy
Qualcomm Inc. wasn't the only one betting on a purchase of Dutch
chip maker NXP Semiconductors. The potential deal attracted some of
the hedge fund industry's biggest names.
One prominent holder of NXP stock was Elliott Management Corp.,
run by billionaire activist investor Paul Singer. It held 17.2
million shares as of June 5, according to a filing. An array of
other prominent funds also held positions as of March 31.
It is not known if these funds changed their positions before
the deal collapsed on Wednesday.
Qualcomm Inc. abandoned its $44 billion purchase of NXP
Semiconductors after the Chinese government refused to approve it,
a casualty of the Chinese-U.S. trade feud. The two companies had
set a Wednesday deadline for the deal.
Other funds that owned NXP shares as of March 31 were Paulson
& Co., Governors Lane, HBK Investments LP, Soroban Capital
Partners LP, Pentwater Capital Management LP, Farallon Capital
Management LLC, and Och-Ziff Capital Management, according to
regulatory filings.
More recent filings aren't available. A person familiar with
Farallon's position said that the firm had reduced its position in
NXP but declined to say when.
Representatives for Elliott, Soroban, Governors Lane, HBK,
Paulson and Och-Ziff declined to comment. Pentwater didn't
immediately respond to requests.
Write to Rachael Levy at rachael.levy@wsj.com
(END) Dow Jones Newswires
July 27, 2018 11:06 ET (15:06 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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