NXP/ Freescale merger approved by shareholders
Both NXP’s Special Meeting and Freescale’s Special General Meeting approved the merger proposal with over 99% of the votes cast in favor of the merger.
The NXP Special Meeting also appointed Gregory L. Summe and Peter Smitham as non-executive directors of NXP, effective as of the closing of the merger.
“We welcome the decisions to approve the merger proposal with such an overwhelming majority. The combination of NXP and Freescale creates an industry powerhouse focused on the high-growth opportunities in the Smarter World. We fully expect to continue to significantly out-grow the overall market, drive world-class profitability and generate even more cash, which taken together will maximize value for both Freescale and NXP shareholders,” said Rick Clemmer, Chief Executive Officer of NXP.
Completion of the merger remains subject to obtaining antitrust and other regulatory approvals in certain jurisdictions, and other customary closing conditions. NXP and Freescale continue to expect the merger to close in the second half of calendar year 2015.