Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed acquisition of Conexant Systems, Inc. (NASDAQ:
) (referred to as "Conexant" or the “Company”) by Standard Microsystems Corporation (“SMSC”) in a stock and cash transaction valued at approximately $284 million including the assumption of Conexant’s net debt.
Under the terms of the agreement, Conexant stockholders will receive approximately $2.25 per share consisting of $1.125 in cash and a fraction of a share of SMSC common stock equal to $1.125 divided by the volume weighted average price of SMSC common stock for the 20 trading days ending on the second trading day prior to closing, but in no event more than 0.04264 nor less than 0.03489 shares of SMSC common stock. The total cash consideration to be paid in the transaction is approximately $98 million and the total number of shares of SMSC common stock to be issued is approximately 2.9 to 3.6 million.
Bull & Lifshitz, LLP's investigation is focused on whether the proposed deal provides adequate value to the Company’s shareholders. If you are a holder of Conexant stock and want to discuss your legal rights, you may e-mail or call Bull & Lifshitz, LLP who will, without obligation or cost to you, attempt to answer your questions.
If you are a shareholder of Conexant and would like more information about our investigation, please contact Joshua M. Lifshitz, Esq. by telephone at (866) 313-6222 or by sending an e-mail including your contact information to:
. All e-mail correspondence should make reference to Conexant.
Bull & Lifshitz, LLP is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit our website at
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Street, New York, New York 10017, (212) 213-6222. Prior results do not guarantee or predict a similar outcome with respect to any future matter