The market responded with shares of Qualcomm and NXP sharply rising 3 and 4 percent in Thursday afternoon trading. The stocks closed slightly below those levels with Qualcomm ending the day about 2 percent higher, while NXP gained more than 3 percent.
Qualcomm is willing to offer 75 percent cash and 25 percent stock, while NXP reportedly prefers an all-cash offer. NXP is is hoping for a $120 per share deal, but Qualcomm is inching towards $110 per share. However, Bloomberg reports that both sides are closing the gap more and more, indicating a deal may be solidified soon.
Rumors of Qualcomm acquiring the Dutch-based automotive chip-maker gained traction late last month. Qualcomm, a chip-maker mostly involved with mobile devices, is hoping to potentially expand its chip businesses to other industries through acquiring NXP.