Qualcomm is being challenged on all sides

Broadcom on Monday took the next step in its hostile takeover attempt for rival chipmaker Qualcomm, filing preliminary proxy materials in relation to a slate of 11 people it would like elected to Qualcomm's board of directors.

Qualcomm also could be facing troubles on the buy-side, as Elliott Management is now saying that NXP Semiconductors is worth $135 per share, compared to the $110 per share that Qualcomm agreed to pay over a year ago (the deal is still pending regulatory approvals). Remember that Broadcom's takeover offer for Qualcomm is not contingent on the NXP transaction closing, and Broadcom reiterated that position this morning.