While the European Union is reportedly close to clearing Qualcomm Inc.'s (QCOM) - Get Report buyout of NXP Semiconductors Inc. (NXPI) - Get Report , the chipmaker still has to win over an even more exacting group -- Paul Singer's Elliott Management Corp. and other shareholders of the target.

Qualcomm extended its tender offer for Qualcomm shares for the 13th time on Friday, Jan. 12. Shareholders now have until Feb. 9 to decide whether to accept the offer of $110 per share. The company needs 80% of shareholders to tender, and as of Friday, just 1.7% had taken up Qualcomm on its offer.

Investors have little motivation to tender when NXP trades well above Qualcomm's bid. Shares of the target were flat at $119.25 on Friday morning.

"If you agree to tender but the stock trades above $110, why would you not just sell it at whatever the market price is?" Drexel Hamilton LLC analyst Cody Acree asked. "With NXP trading at nearly $120, why not take that arbitrage and make $9 -- nearly $10 -- instead of giving it to Qualcomm?"

Elliott Management said in December that Qualcomm is worth $135 per share as a standalone company, not counting a control premium. The firm created a website, www.FairValueForNXP.com, outlining its case. 

Paul Singer isn't Qualcomm's only headache. Broadcom Ltd. (AVGO) - Get Report CEO Hock Tan is attempting to replace the company's board as part of a $130 billion hostile takeover attempt. The annual meeting for shareholders is on March 6. 

The European Union may approve the transaction next week, The Wall Street Journal reported Thursday. When the EU began its investigation into the deal in June, the group said it would decide by Oct. 17. In November, Commissioner Margrethe Vestager, who heads competition policy, said the review would stretch into 2018. The Commission has until March 15 to rule.

If the EU approves the transaction, push may finally come to shove for Qualcomm and Elliott.

A previous version of this story incorrectly stated that Qualcomm extended the tender offer to Feb. 12. 

NXP and Broadcom are holdings in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer and the AAP team buy or sell NXPI and AVGO? Learn more now.

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