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KKR group backs off from Freescale acquisition

Posted: 20 Sep 2006     Print Version  Bookmark and Share

Keywords:Freescale  KKR  Kohlberg Kravis Roberts & Co.  Blackstone  acquisition 

A consortium of private equity firms led by Kohlberg Kravis Roberts & Co. (KKR) disclosed early this week that it is no longer in discussions to acquire Freescale Semiconductor Inc., according to a Reuters report.

The KKR group had reportedly bid for Freescale, but lost out to another consortium led by The Blackstone Group, which announced a definitive agreement to acquire Freescale for Rs.81,787.20 crore ($17.6 billion) on Sept. 15.

The Freescale-Blackstone deal includes a provision enabling Freescale to solicit competing bids over a period of 50 days, fuelling speculation that the KKR group might continue to engage in a bidding war for the company.

A research note published by Thomas Thornhill of UBS Securities LLC noted that private equity firms still have 50 days to outbid the Blackstone Group, triggering speculation.

Rumors of an ongoing bidding war pushed up the value of Freescale's stock Monday. Freescale's traded as high as Rs.1,844.86 ($39.70) per share before closing at Rs.1,824.41 ($39.26).

- EE Times

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