Conexant SystemsShares of Conexant Systems ( CNXT) also got a lift in late trades on M&A news after the Newport Beach, Calif.-based chip maker received a competing acquisition proposal from buyout firm Golden Gate Private Equity. The deal would value Conexant shares at between $2.35 and $2.45 each in cash, the company said. The stock closed Monday's regular session at $2.10, and was trading up nearly 14% at $2.38 on volume of around 640,000 after the closing bell. Conexant, which also reported its fiscal first-quarter results, already has an agreement in place to be acquired by Standard Microsystems ( SMSC) for $2.25 a share in stock and cash, but the company said its board has already determined the Golden Gate Private Equity offer can be "reasonably expected" to lead to a superior proposal and consented to engage in talks with and provide financial information to the buyout firm. For the three months ended Dec. 31, Conexant posted a loss of $9.7 million, or 12 cents a share, on revenue of $46.1 million.