Freescale Suitors in Bidding War

By Jessica Davis -- Electronic News, 9/12/2006

Two private equity groups are now engaged in a bidding war that has gone over $16 billion for Freescale Semiconductor, according to a published report.

The New York Times report cites people involved in the negotiations, but does not name them.

Freescale yesterday acknowledged in a statement that it was in discussions regarding a "possible business transaction."

Shares in Freescale climbed more than 20 percent on the news of a possible buyout yesterday, closing up $6.31 to close at $37.06.

Freescale, spun off from Motorola two years ago, has been ranked as the 10th largest chipmaker, with revenues of $5.8 billion last year.