Activist investor Paul Singer got nearly six billion reasons to smile Tuesday after Qualcomm upped its bid on chipmaker NXP Semiconductors.

The billionaire’s Elliott Management, which holds 7.2 percent of NXP’s shares, said for the last few months that Qualcomm’s initial bid of $110 a share was too low. His hedge fund argued that NXP was worth at least $135 a share.

Qualcomm didn’t quite meet Elliott’s mark but the San Diego-based chipmaker said Tuesday that it increased its NXP offer to $127.50 a share, a $5.9 billion increase from the original bid.

“Elliott believes that today’s announcement reflects a positive outcome for all NXP shareholders and is pleased that the company’s value has been recognized in the revised transaction terms,” the hedge fund said in a statement Tuesday.

Elliott agreed — along with eight other shareholders — to tender its NXP shares, Qualcomm said in a statement Tuesday.

But there may be another reason behind Qualcomm’s upped bid for NXP.

Qualcomm has been fending off a takeover attempt from Broadcom since November. The semiconductor company is attempting to have six of its nominees placed on Qualcomm’s board to facilitate the transaction.

Earlier this month Broadcom announced a “best and final offer” for Qualcomm, which was subject to it acquiring NXP at the already disclosed $110 a share or completely abandoning the deal.

Broadcom said Tuesday that the increased price shows “Qualcomm board’s disregard for its fiduciary duty” to shareholders.

“In light of Qualcomm’s decision to transfer value from its own stockholders to NXP stockholders, Broadcom is evaluating its options,” the company said in a statement.