Qualcomm (QCOM) announced its purchase of NXP Semiconductors (NXPI) for $110 per share in October, but NXP stock has actually declined by 2% over the past three months, and is currently trading near $97.50.

As a company, NXP is fine, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, from the floor of the New York Stock Exchange on Tuesday, ahead of the company earnings report on Wednesday after the close. NXP is a holding in the Action Alerts PLUS portfolio.

The question now is, will regulators approve the deal for Qualcomm to buy NXP?

NXP Semiconductors is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells NXPI? Learn more now.

Cramer said he believes that regulators will approve the deal and NXP, which Action Alerts PLUS held before the acquisition announcement was made, will be taken out at $110 per share.

At the time of the announcement though, many thought that after a few more good quarters from NXP, the stock could be worth more than the accepted buyout price of $110 per share.

Cramer said that had that announcement not taken place, perhaps the stock would now be trading higher than its current price. After all, the Market Vectors Semiconductor ETF (SMH) is up more than 11% in the past three months.

Analysts expect NXP to earn $1.65 per share on $2.44 billion in revenue.

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