SMSC & Microchip To Merge
Stockholders of SMSC, a semiconductor company enabling content rich connectivity systems, have voted to approve the acquisition of SMSC by Microchip Technology Incorporated, a provider of microcontroller, analogue and Flash-IP solutions.
According to the final tally of shares voted, 17,587,576 shares of SMSC common stock voted in favour of the adoption of the acquisition agreement. This represented roughly 99.5 percent of the shares voting at a 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 the date the meeting was held.
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.
