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.
Wednesday's Early Winners & Losers
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.