On a big day for bidding wars in the wireless sector, chipmaker Freescale Semiconductor Inc. could be at the center of one right now, according to a research note from UBS AG .

Motorola spinoff Freescale has already agreed to a deal that would see it bought by The Blackstone Group for $17.6 billion. UBS, however, notes that the deal allows Freescale to take in other proposals until November 3.

UBS analyst Tom Thornhill writes that a group led by Kohlberg Kravis Roberts & Co. (KKR) might be able, and willing, to put up even more cash for the company.

A bidding war would certainly help to explain Blackstone's bid. The equity firm is offering $17.6 billion -- or $40 a share -- for Freescale, which is the third largest chipmaker in the U.S. This was a premium of around 30 percent more than the stock was previously worth, although the shares were up at $39.28 in afternoon trading on the New York Stock Exchange.

Austin, Tex.-based Freescale makes chips used in cellphones, cars, and other networking gear. It's the top supplier of mobile phone chips to Motorola Inc. (NYSE: MOT), the second largest cellphone maker in the world. — Dan Jones, Site Editor, Unstrung