Activist Elliott Launches Campaign at NXP

Activist investor Elliott Management's Paul Singer on Friday launched a campaign at NXP Semiconductors (NXPI) with an activist filing suggesting that the insurgent fund will negotiate with "potential acquirers" and financing sources.

NXP shares are up 1.06% to 1.83 a share on the news.

The move comes after Qualcomm extended a $47 billion acquisition offer for NXP Semiconductors, a deal that was announced in October. It also comes after a report in May suggesting that Elliott Management wants Qualcomm to pay more than $110 per share.

The activist fund said it believes NXP's shares are "significantly undervalued," adding that there are a number of opportunities to maximize shareholder value.

The activist investor has a 6%...