NXP Semiconductor Would Consider Takeover, Chief Clemmer Says
NXP Semiconductors NV, Europe’s third-largest chipmaker, would consider a takeover if a potential buyer offered a large enough premium and gave the company flexibility with customers and employees, Chief Executive Officer Richard Clemmer said.
Clemmer is looking for ways to accelerate organic growth at Eindhoven, Netherlands-based NXP by making chips that help customers reduce carbon-dioxide emissions and let people connect different mobile devices. He said he would consider a deal similar to the $6.5 billion that Texas Instruments Inc. offered National Semiconductor Corp. last month, a 78 percent premium to National’s closing price before the deal was announced April 4.
“If someone came in like in the case of the TI-National offer, where they offered an 80 percent premium associated with it and allowed us to protect our customers and our employees, we would be very much considering that,” he said on Bloomberg Television’s “Street Smart” with Matt Miller. Clemmer said the company isn’t currently in any merger talks.
NXP said on May 4 that product revenue, which includes sales of high-performance and standard chips, will increase by a range of 2 percent to 5 percent this quarter from the first quarter, without giving a year-earlier comparison. First-quarter product sales were $979 million, up 9.5 percent from a year earlier.
NXP fell $1.70, or 5.8 percent, to $27.66 at 4 p.m. New York time on the Nasdaq Stock Market. The shares have gained 32 percent this year.
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