The bids are significantly higher that the $6 billion to $7 billion most analysts suggested Philips would get after it put the semiconductors business on the block late last year.

Last month, Royal Philips Electronics reiterated its intention to float or sell off a majority stake in its semiconductors division by the end of this year.

According to sources quoted by the Wall Street Journal the bidders are Kohlberg Kravis Roberts & Co. teamed up with Silver Lake Partners; Permira Advisors of London linked with Texas Pacific Group; and Blackstone Group and Bain Capital Inc. together with Apax Partners Worldwide LLC and Francisco Partners Management LLC.

Philips Electronics again said Monday (July 24) it is "in discussions" concerning the possible sale of its chips unit, but declined to comment any further on the reports.

The company revealed last December it would legally separate the division, and in an interview with EE Times in January, Frans van Houten, chief executive officer of Philips Semiconductors confirmed plans to pursue a merger but remained quiet about potential partners or a possible sale.