(Updated - February 20, 2018 6:00 AM EST)

Qualcomm (NASDAQ: QCOM) is set to raise its bid for NXP Semiconductors (NASDAQ: NXPI) to $127.50, from $110, to gain shareholder support, the Wall Street Journal reported citing people familiar with the matter.

The higher offer could come as soon as this week, the report stated.

Elliott Management, which owns a 7.2% stake, has been pushing for $135 per share.

The higher bid comes as Qualcomm is fending off a hostile takeover attempt from Broadcom (NASDAQ: AVGO).

The Qualcomm/NXP merger is still awaiting approval in China.