Paul Singer is buying up more NXP Semiconductors stock in his quest to convince shareholders to push back against Qualcomm’s “unreasonably low” takeover offer.

“Our increasing economic interest in NXP … underscores our significant level of conviction in the value opportunity present at NXP today,” Singer’s Elliott Management wrote in a letter to the semiconductor company’s shareholders on Thursday.

The $34 billion hedge fund now owns a 7.2 percent stake in NXP, up from 6 percent in December.

“We believe [NXP] would trade even higher if not for the downward pressure imposed by Qualcomm’s highly opportunistic and unreasonably low offer,” Elliott wrote.

NXP shares gained 98 cents Thursday, closing at $121.30 — which is well above Qualcomm’s offer price of $110.

Elliott has long said that NXP should be valued at $135 a share or more.

In addition to Thursday’s letter, Elliott also sent retail investors a pamphlet urging them not to tender their shares to Qualcomm.

Reps from NXP declined to comment. Qualcomm reps did not respond to requests to comment.