Conexant Picks Golden Gate, Rejects $284M SMSC Bid

Law360, New York (February 24, 2011, 1:21 PM EST) -- Conexant Systems Inc. accepted Golden Gate Capital LP's buyout offer Wednesday after deeming the private equity firm's proposal superior to an offer from fellow semiconductor maker Standard Microsystems Corp. valued at $284 million.

An affiliate of Golden Gate Capital, Gold Holdings Inc. has agreed to purchase all of the outstanding shares of Conexant common stock for $2.40 per share in cash, Newport Beach, Calif.-based Conexant said.

SMSC had offered Conexant's shareholders approximately $2.25 for each of their shares, consisting of $1.125 in cash and a fraction...
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