Blackstone must sit out 50 days in anticipation of a higher bid
vnunet.com, 19 Sep 2006
A semiconductor company that was spun out of Motorola has accepted a $17.6bn (£9.37bn) takeover bid from a private equity group.
Freescale agreed to the buyout by a consortium that includes Blackstone Group, Carlyle Group, Permira Funds and Texas Pacific Group.
However, as part of the deal to accept the offer, Freescale can wait 50 days to hear a higher offer from a competing consortium led by Kohlberg Kravis Roberts.
Even without a higher offer, the buyout would be the largest ever for a technology company.
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