Microchip Puts Up $939M For Standard Microsystems

Law360, New York (May 2, 2012, 1:57 PM EDT) -- Semiconductor maker Microchip Technology Inc. is taking over industry rival Standard Microsystems Corp. in a $939 million deal that is expected to expand its presence in the automotive and wireless audio sectors, Microchip said Wednesday.

Per a definitive agreement, the larger Microchip will dish out $37 per SMSC share, which it plans to fund through a combination of cash and a new line of credit that was established last year, it said. Microchip declined to disclose the amount that will be borrowed.

The deal, which is...
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