Aug 7, 2017

Activist wants Qualcomm to up its takeover offer for NXP

AP Photo/Gregory Bull

Activist investor Elliott Management on Friday disclosed a 6% stake in NXP Semiconductors, the Dutch chip-maker that recently agreed to be acquired by Qualcomm for $38 billion in cash. The firm added that it paid around $1.2 billion for the position.

  • Why it's a big deal: Elliott said in a regulatory filing that it believes NXP stock is "significantly undervalued and represent an attractive investment opportunity." Given that NXP has been trading around the $110 per share takeover price for months, this means Elliott wants to push Qualcomm for a richer deal.
  • Bottom line: Qualcomm/NXP already was set to be the largest semiconductor merger of all time, but Elliott's agitation already has helped add more than half a billion dollars to NXP's market cap.

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Schools get creative to keep students connected

Illustration: Eniola Odetunde/Axios

School districts are exploring ways to keep their homebound pupils connected to the classroom, even though many students don't have the internet service or devices they need to do assignments.

Why it matters: All teachers face the problem of "summer slide" — when students lose skills during summer breaks. This year will be doubly hard because students are losing between one and three additional months of in-classroom instruction due to coronavirus-driven closures.

U.S.-led coalition in Iraq withdraws from 3rd base this month

A soldier stands guard at the Qayyarah airbase in southern Mosul on March 26. Photo: Murtadha Al-Sudani/Anadolu Agency via Getty Images

The United States-led coalition in Iraq withdrew from K-1 Air Base in the northern part of the country on Sunday, AP reports.

Why it matters: It's the third site that coalition forces have left this month as the U.S. gathers troops in Baghdad and at Ain al-Asad Air Base.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 679,977 — Total deaths: 31,734 — Total recoveries: 145,625.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 8 a.m. ET: 124,686 — Total deaths: 2,191 — Total recoveries: 2,612.
  3. Federal government latest: Trump announces new travel advisories for New York, New Jersey and Connecticut, but rules out quarantine enforcement. Per CDC, those residents should "refrain from non-essential domestic travel for 14 days," with the exception of critical infrastructure industry workers.
  4. State updates: Alaska issues a stay-at-home order — New York tries to nearly triple hospital capacity in less than a month and moved presidential primary to June 23. Some Midwestern swing voters who backed Trump's initial handling of the virus balk at call for U.S. to be "opened up" by Easter.
  5. World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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