Ran across this mind-boggling report today about two strange bedfellows:
http://www.marketwatch.com/story/nxp-freescale-agree-to-merge-2015-03-02?dist=tcountdown
Surprising is that NXP bought Freescale!
So into the soup goes Freescale.
NXP Semiconductors NV and Freescale Semiconductor Ltd. have agreed to merge in a deal that values Freescale at $11.8 billion and which would create a combined company with a market value of more than $30 billion. NXP said Sunday night that it would pay about $36.14 a share in cash and stock for Freescale, which represents a narrow premium to its closing price Friday of $36.11 a share. The stock had been buoyed recently by reports about a possible sale of the company.
The deal would give Freescale FSL, +1.51% shareholders about 32% of the merged company. Credit Suisse Group advised NXP on the transaction. Morgan Stanley advised Freescale.
NXP, which is based in the Netherlands, said the merger provides a “clear path” to $500 million of annual cost synergies, with $200 million in cost savings to be realized in the year following the deal’s completion.
http://www.marketwatch.com/story/nxp-freescale-agree-to-merge-2015-03-02?dist=tcountdown
Surprising is that NXP bought Freescale!
So into the soup goes Freescale.
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