Golden Gate Snares Conexant Away From SMSC

Conexant agrees to be acquired by Golden Gate Capital and terminates merger agreement with SMSC

March 18, 2011

1 Min Read

NEWPORT BEACH, Calif. -- Conexant Systems, Inc. (NASDAQ:CNXT), a leading supplier of innovative semiconductor solutions for imaging, audio, embedded modem, and video surveillance applications, today announced the signing of a definitive merger agreement with Gold Holdings, Inc., an affiliate of Golden Gate Capital, under which Gold Holdings, Inc. has agreed to purchase all of the outstanding shares of Conexant common stock at a price of $2.40 per share in cash. The transaction is expected to close in the second quarter of calendar 2011 subject to the satisfaction of regulatory requirements, approval by Conexant stockholders and other customary closing conditions.

Conexant also announced that it has terminated its previously announced agreement with Standard Microsystems Corporation (NASDAQ:SMSC) and paid to Standard Microsystems Corporation the $7.7 million termination fee provided for under that agreement.

Conexant Systems Inc. (Nasdaq: CNXT)

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