SMSC Shareholders Seek To Scuttle $939M Takeover

Law360, Wilmington (May 21, 2012, 5:23 PM EDT) -- A second Standard Microsystems Corp. investor launched a putative class action in Delaware Chancery Court on Thursday seeking to halt the announced $939 million takeover of SMSC by Microchip Technology Inc., alleging that directors didn't get fair value for shareholders.

Semiconductor maker Microchip announced its proposed takeover of Hauppauge, N.Y.-based Hauppauge, N.Y.-based Hauppauge, N.Y.-based SMSC in a May 2 press release, saying it would pay $37 per SMSC share as part of a $939 million deal it said it expected would expand its presence in the...
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