Conexant Faces Shareholder Suit Over $284M Merger

Law360, New York (January 19, 2011, 6:05 PM EST) -- A Conexant Systems Inc. investor has launched a putative class action to block the company's proposed $284 million purchase by Standard Microsystems Corp., saying the deal is grossly unfair to Conexant's shareholders.

Hannah Bach filed her putative class action complaint in the Delaware Chancery Court on Tuesday alleging that Conexant's directors breached their fiduciary duties to her and the proposed class of Conexant investors, and that both semiconductor companies aided in that breach.

Bach is seeking an injunction to block the proposed transaction or, if it...
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