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Electronics Production | February 24, 2011

Conexant terminates merger agreement with SMSC

Conexant has agreed to be acquired by investment firm Golden Gate Capital. With it, the company is also terminating the merger agreement with SMSC.
Conexant Systems has signed a definitive merger agreement with Gold Holdings, Inc., an affiliate of Golden Gate Capital. Under the agreement, Gold Holdings, Inc. has agreed to purchase all of the outstanding shares of Conexant common stock at a price of USD 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 and paid to Standard Microsystems Corporation the USD 7.7 million termination fee provided for under that agreement.

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