SMSC Stockholders Approve Merger with Microchip
HAUPPAUGE, N.Y.--Jul. 10, 2012-- SMSC (NASDAQ: SMSC), a leading semiconductor company enabling content rich connectivity systems, today announced that its stockholders have voted to approve the acquisition of SMSC by Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, analog and Flash-IP solutions.
According to the final tally of shares voted, 17,587,576 shares of SMSC common stock voted in favor of the adoption of the acquisition agreement, which represented approximately 99.5 percent of the shares voting at today’s special meeting and approximately 76.3 percent of the shares of SMSC common stock outstanding and eligible to vote as of the May 30, 2012 record date for the special meeting.
Under terms of the acquisition agreement, dated May 1, 2012, Microchip will acquire SMSC in an all-cash transaction and SMSC stockholders will receive $37.00 per share in cash for each share of common stock they hold. As a result of the acquisition, SMSC will become a wholly owned subsidiary of Microchip and SMSC common stock will cease to be listed on the NASDAQ Global Select Market. The acquisition is expected to be completed in the third quarter of calendar 2012, subject to antitrust clearance in China and other customary closing conditions.
About SMSC
SMSC (NASDAQ: SMSC) is a leading developer of Smart Mixed-Signal Connectivity™ solutions. SMSC employs a unique systems level approach that incorporates a broad set of technologies and intellectual property to deliver differentiating products to its customers. SMSC is focused on delivering connectivity solutions that enable the proliferation of data in automobiles, consumer devices, PCs and other applications. SMSC’s feature-rich products drive a number of industry standards and include USB, MOST® automotive networking, Kleer® and JukeBlox® wireless audio, embedded system control and analog solutions, including thermal management and RightTouch® capacitive sensing. SMSC is headquartered in New York and has offices and research facilities in North America, Asia, Europe and India. Additional information is available at www.smsc.com.
Related Semiconductor IP
- Flexible Pixel Processor Video IP
- Bluetooth Low Energy 6.0 Digital IP
- MIPI SWI3S Manager Core IP
- Ultra-low power high dynamic range image sensor
- Neural Video Processor IP
Related News
- Microchip Technology and SMSC Announce the Acquisition of SMSC by Microchip Technology
- Microchip closes SMSC deal, discusses integration plans
- Comment: A skeptic's view of the Microchip/Atmel merger
- Microchip develops new flash technology to cut cost of re-programmable MCUs
Latest News
- Cyient Semiconductors Enters Strategic Channel Partnership with GlobalFoundries
- Aion Silicon Successfully Completes ISO 9001 and ISO/IEC 27001 Surveillance Audit, Strengthening Commitment to Quality and Security
- Baya Systems Awarded Globally Recognized ISO 9001:2015 Certification for Quality Management by TÜV Rheinland
- Si2 Announces Creation of the Si2 LLM Benchmarking Coalition
- Qualitas Semiconductor Signs Licensing Agreement with Chinese SoC Company for DSI-2 Controller and MIPI PHY IP