Motorola Inc. on Monday set the amount of stock investors will receive in the semiconductor unit it is spinning off to Motorola stockholders Dec. 2.
Shareholders will receive 0.11 share of Freescale Semiconductor Inc. Class B common stock for each share of Motorola they own, Motorola said. The distribution applies to shareholders of record Nov. 26.
Schaumburg, Ill.-based Motorola first sold Class A shares of Freescale in July, raising $1.58 billion. It retained about two-thirds of the common stock, and is spinning off the rest of Freescale to shareholders through the distribution of Class B stock.
Class A shares of Austin, Texas-based Freescale, which makes chips for consumer electronics, rose 28 cents to $17.37 and Motorola gained 44 cents to $19.44, both on the New York Stock Exchange.