Thread regarding Freescale Semiconductor Ltd. layoffs

NXP wanted to sell Digital Networking, that is the reason for 4Q15 and 1Q16 layoffs

NXP SEMICONDUCTORS N.V. filed this Form SC 14D9 on 11/18/2016

Company = NXP

Parent = Qualcomm

On January 27, 2016, following a brief conversation that had previously taken place between Mr. Clemmer and Brian Modoff, Executive Vice President, Strategy and Mergers and Acquisitions of Parent, during which Mr. Clemmer noted that the Company was exploring a potential divestiture of its Digital Networking business,

Mr. Modoff emailed Mr. Clemmer to set up an in-person meeting. Mr. Clemmer and Mr. Modoff met on February 5, 2016 in Austin, Texas to gauge Parent’s potential interest in acquiring the Company’s Digital Networking business. Parent and a subsidiary of the Company entered into a confidentiality agreement on April 7, 2016 for the purpose of furthering the discussions between the parties, and on April 26, 2016 a meeting was held between representatives of the Company’s and Parent’s respective management teams. Follow-up calls were then held among the parties.

On June 9, 2016, Steve Mollenkopf, Chief Executive Officer of Parent, indicated that Parent was not interested in acquiring the Company’s Digital Networking business, but would instead be interested in exploring a potential acquisition of the entire company.

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