Qualcomm announced today that it is extending the offering period for its purchase of NXP Semiconductors to January 12, 2018. The chipmaker, which had hoped to close the deal by year-end, now says it will not close until early next year.

The extension is necessary to get the required regulatory approvals, and at least 80 percent of NXP’s outstanding shares have to be tendered and not withdrawn prior to the extension.

Qualcomm has said it is close to getting regulatory approval. However, the company’s bigger battle is with an activist investor.

Elliott Management, which holds a 6 percent stake in NXP, said earlier this month that NXP is worth $135 per share, or about 23 percent more than Qualcomm’s $110 per share offer that it made in October 2016. To back up its claim, Elliott released the UBS Valuation Report, in which UBS estimates the value range of NXP’s shares to be approximately $120 to $150 per share.

When Qualcomm first announced the $38 billion purchase of NXP, it said it would offer $110 per share, an 11.5 percent premium over NXP’s closing price of $98.66.

NXP is an appealing acquisition target for Qualcomm because it makes mix-signal semiconductors for a variety of markets. It is particularly strong in the automotive industry where NXP chips are used in entertainment and safety systems.

Qualcomm’s struggle to close the NXP deal is compounded by the fact that the chipmaker is also battling a hostile takeover offer from Broadcom. In November, Broadcom made an unsolicited offer to purchase Qualcomm for approximately $110 billion. Qualcomm’s board of directors rejected that bid claiming it significantly undervalued the company. But Broadcom remains undeterred. The company earlier this month said it was going to nominate a slate of 11 individuals to Qualcomm’s board at the company’s shareholder meeting in March 2018.