SigmaTel to be acquired by Freescale Semiconductor for $110M
SigmaTel, Inc. (Nasdaq: SGTL) reported this morning that it will be acquired by privately held Freescale Semiconductor for $3 cash per share, or approximately $110 million in aggregate.
The agreement contains a “go-shop” provision through March 4, 2008, during which period SigmaTel has the right to solicit and engage in discussions and negotiations with respect to potential competing proposals.
SigmaTel provides analog intensive, mixed-signal integrated circuits (ICs) for the digital multimedia market. Freescale designs and manufactures embedded semiconductors.
Shares of SigmaTel (SGTL) rocketed 59.78%, or $1.07, to $2.86 ahead of the opening. Shares of SigmaTel have been trading in the range of $1.56 to $4.10 for the past 52 weeks.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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