Freescale Semiconductor Stockholders Approve Proposed Merger Agreement
13 November 2006 - 4:06PM
Business Wire
Stockholders of Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) today approved the previously announced acquisition of
Freescale by a consortium of private equity firms led by The
Blackstone Group and including The Carlyle Group, Permira Funds and
Texas Pacific Group. Approximately 99% of stockholders present and
voting adopted the merger agreement under the terms of which
Freescale stockholders will be entitled to receive $40 per share at
the time of closing. The number of shares voting to adopt the
merger agreement represents approximately 73% of the total number
of shares outstanding and entitled to vote. Stockholder approval of
the merger satisfies a condition to the closing of the transaction.
The company currently expects the transaction to be completed
subject to customary closing conditions during the Fourth Quarter
of 2006. About Freescale Semiconductor Freescale Semiconductor,
Inc. (NYSE:FSL) (NYSE:FSL.B) is a global leader in the design and
manufacture of embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets. Freescale
became a publicly traded company in July 2004. The company is based
in Austin, Texas, and has design, research and development,
manufacturing or sales operations in more than 30 countries.
Freescale, a member of the S&P 500�, is one of the world�s
largest semiconductor companies with 2005 sales of $5.8 billion
(USD). www.freescale.com Caution Regarding Forward-Looking
Statements This press release contains �forward-looking statements�
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by words such
as expects, anticipates, plans, believes, estimates, will or words
of similar meaning and include statements regarding the plans and
expectations for the future. The forward-looking statements
contained in this press release include statements about the
proposed merger and statements about our expected financial
performance for the fourth quarter of 2006. Forward-looking
statements are based on management�s current expectations and
assumptions, which are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and could
cause actual outcomes to differ materially from the expectations
of�Freescale�and its management. For example, if the necessary
regulatory approvals are not obtained, the proposed merger will not
be consummated. The following factors, among others, could cause
actual results to differ materially from those described in the
forward-looking statements: risks associated with�uncertainty as to
whether the proposed merger will be completed, costs and potential
litigation associated with the proposed merger, the failure to
obtain�Freescale's stockholder approval, the inability to obtain,
or meet specific�conditions imposed�for applicable
regulatory�approvals relating to the proposed merger, the failure
of either party to meet the closing conditions set forth in the
merger agreement, the extent and timing of regulatory approvals and
the�risk factors discussed from time to time by the company in
reports filed with the Securities and Exchange Commission.
Freescale�undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise. Stockholders of Freescale
Semiconductor, Inc. (NYSE:FSL) (NYSE:FSL.B) today approved the
previously announced acquisition of Freescale by a consortium of
private equity firms led by The Blackstone Group and including The
Carlyle Group, Permira Funds and Texas Pacific Group. Approximately
99% of stockholders present and voting adopted the merger agreement
under the terms of which Freescale stockholders will be entitled to
receive $40 per share at the time of closing. The number of shares
voting to adopt the merger agreement represents approximately 73%
of the total number of shares outstanding and entitled to vote.
Stockholder approval of the merger satisfies a condition to the
closing of the transaction. The company currently expects the
transaction to be completed subject to customary closing conditions
during the Fourth Quarter of 2006. About Freescale Semiconductor
Freescale Semiconductor, Inc. (NYSE:FSL) (NYSE:FSL.B) is a global
leader in the design and manufacture of embedded semiconductors for
the automotive, consumer, industrial, networking and wireless
markets. Freescale became a publicly traded company in July 2004.
The company is based in Austin, Texas, and has design, research and
development, manufacturing or sales operations in more than 30
countries. Freescale, a member of the S&P 500(R), is one of the
world's largest semiconductor companies with 2005 sales of $5.8
billion (USD). www.freescale.com Caution Regarding Forward-Looking
Statements This press release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by words such
as expects, anticipates, plans, believes, estimates, will or words
of similar meaning and include statements regarding the plans and
expectations for the future. The forward-looking statements
contained in this press release include statements about the
proposed merger and statements about our expected financial
performance for the fourth quarter of 2006. Forward-looking
statements are based on management's current expectations and
assumptions, which are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and could
cause actual outcomes to differ materially from the expectations of
Freescale and its management. For example, if the necessary
regulatory approvals are not obtained, the proposed merger will not
be consummated. The following factors, among others, could cause
actual results to differ materially from those described in the
forward-looking statements: risks associated with uncertainty as to
whether the proposed merger will be completed, costs and potential
litigation associated with the proposed merger, the failure to
obtain Freescale's stockholder approval, the inability to obtain,
or meet specific conditions imposed for applicable regulatory
approvals relating to the proposed merger, the failure of either
party to meet the closing conditions set forth in the merger
agreement, the extent and timing of regulatory approvals and the
risk factors discussed from time to time by the company in reports
filed with the Securities and Exchange Commission. Freescale
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
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