|
AMT
News
May
10, 1999
Press Release
TFG
Acquisition Coro. Announces Bid of 1.6 Billion
Dollars for Motorola's SCG Unit
TEMPE, Ariz., May 10 /PRNewswire/ -- TFG
Acquisition Corp., an Arizona Corporation,
has announced that it has made and unsolicited
offer of $1.6 billion for Motorola's Semiconductor
Components Group (SCG). The purchase, originally
proposed on March 30, 1999, is contingent
upon due diligence, finalization of purchase
terms and approval by Motorola.
TFGAC
is comprised of current and former senior
executives of the Motorola Semiconductor
Products Group, who understand the opportunity
available and want to assume responsibility
for a familiar division with positive potential.
The group's extensive experience, competence
and loyalty, that have already been demonstrated
to Motorola in the past, will ensure that
the purchase will be entirely transparent
to existing and potential customers, employees
and other stakeholders.
TFGAC
understands the commitment and investment
Motorola has given to and made in its employees,
and believes their Group is best suited
to guarantee that level of care going forward.
The fully financed $1.6 billion bid demonstrates
TFGAC's long held belief in the value that
Motorola has created, and specifically,
in the strategic position attained by SCG
division.
Harjit
Bhalla, TFGAC's acting CEO and formerly
Vice-President and Director of Market Research
for Motorola stated that, "the opportunity
to return to Motorola is certainly an exciting
opportunity and we are truly excited about
returning SCG to even greater profitability."
Gary
Thomas, TFGAC's acting CFO and formerly
Motorola's Controller of the Power Products
Division of the Discrete Group and former
Controller of the Analog IC Division also
stated that, "the SCG unit is certainly
a gem in the Motorola portfolio and we believe
that leveraging the current employee base
and operating plants will provide a strong
operational and financial base upon which
to build a premier organization to serve
existing and new customers with the basic
products of today and new products for the
future."
Mike
Harris, President of Harris Technical Sales
and Chairman of Eclipse Technologies of
Singapore added, "We believe our offer for
the SCG division is genuinely superior to
the deals currently being considered by
the company. TFGAC has refined its original
offer to impress the Board of Directors."
Letters
of intent for the debt and equity have been
delivered to TFGAC by equity and debt partners
from a leading international bank and a
top tier equity investment firm.
TFGAC
has requested that the Motorola Board of
Directors consider their bid immediately
along with any other bids for the SCG division.
TFGAC has also stated that they would not
consider any material layoffs, and would
keep all operating plants open under the
new company name.
For
further information please contact:
Steve
Wasserman or the team at AMT Capital at,
email: info@amtcap.com
phone: 1-800-519-0533 or 212-877-1588
website: www.amtcap.com
|
