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Motorola to Sell Low-End Computer Chip Business to Investment Group.
Knight Ridder/Tribune Business News, May, 1999 by Ladendorf, Kirk
Knight Ridder/Tribune Business News
May 12 -- Motorola Inc., in a move to streamline its semiconductor operations, has agreed to the $1.6 billion sale of its low-end chip business in a management buyout that is backed by Texas Pacific Group, a private investment firm based in Fort Worth and San Francisco.
In accepting the bid from the Texas Pacific investors, Motorola snubbed a bid from TFG Acquisition Corp., which disclosed its competing bid to the public on Monday.
TFG representatives said they weren't giving up, however.
"Our offer is better than their offer," said Steve Wasserman, a partner with an investment firm advising TFG. Wasserman said TFG's deal, also valued at $1.6 billion, is better because Motorola won't have to carry...
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