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

NXP shares are up 1.06% to $111.83 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.

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The activist investor has a 6% stake, including 4.9% stake in common shares and an additional 1.1% derivatives investment, according to an activist 13D filing Friday.

NXP is also a holding in the Action Alerts PLUS charitable trust portfolio, which is managed by TheStreet's founder Jim Cramer.

Late Wednesday evening, NXP Semiconductors (NXPI) - Get Report reported an in-line quarter, with revenue of $2.2 billion slightly edging out the consensus for $2.196 billion. Adjusted earnings of $1.51 per share fell one penny short of consensus, but non-GAAP operating margins remained strong, increasing to 28.4% (up about 11% year over year) and beat expectations, thanks to synergy-capture efforts.

By segment, the company delivered record sales again in the second quarter, with the automotive division reaching $938 million in revenue (up 9% year over year). While coming in $20 million below expectations, management noted: "We continue to experience exceptional traction with the combination of our automotive micro controller and advanced analog products, as automotive OEMs increasingly realize the benefit of designing-in our complete systems solutions."

Secured Connected Devices revenue slightly beat consensus, reaching $588 million for the quarter. Up 14% year over year, this segment benefited from strong demand in its i.MX application processor products.