With Chinese regulators still dragging their heels on approving the Qualcomm (QCOM) buyout of NXP Semi. (NXPI), the merger is at risk in being abandoned on July 25. Qualcomm has repeated the intent to walk away and hand NXP Semi. the $2 billion breakup fee. Unless Qualcomm has some assurance that China will approve the deal in August, the wireless giant has no choice but to move on. The company has a large buyback lined up as Plan B and the management team desperately needs to show the $1.50 EPS boost from either closing the NXP Semi. deal or repurchasing shares. Hanging out waiting on China doesn't meet either goal. My guess is that Qualcomm walks away, but investors can win either way. More research: NXP Semi.: Nothing To Sweat Disclosure: Long QCOM