Conexant Systems (CNXT) gained in after-hours trading Tuesday when the Newport Beach, Calif.-based semiconductor company said it expects to receive about $100 million in cash when Acquicor Technology (AQR) completes its merger with Jazz Semiconductor.Conexant owns about 42% of Jazz. Under the terms of the agreement, Jazz, a privately held specialty wafer-manufacturing company, will merge with a wholly owned subsidiary of Acquicor, a special purpose acquisition company, in an all-cash transaction valued at $260 million, subject to certain adjustments. The merger is expected to be completed in the first quarter of calendar 2007. Shares gained 8 cents, or 4.17%, to $2.
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