SAN JOSE, Calif. Stockholders of Freescale Semiconductor Inc. Monday (Nov. 13) approved the previously announced acquisition of the chip maker by a consortium of private equity firms.
As reported, the buyout was led by The Blackstone Group and including The Carlyle Group, Permira Funds and Texas Pacific Group.
Approximately 99 percent 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 percent 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.